- Argus lowers its price target on Buy-rated Wayfair (NYSE:W) to $60 from $96, but sees a favorable entry point for new investors after the sharp sell-off.
- "Our model calls for double-digit revenue growth for much of the coming decade, with 20% compound annual growth over the next two years as growth in Europe and Canada is partially offset by slower growth in the U.S.," notes the firm.
- "While the coronavirus may hurt near-term operations at Wayfair, we believe that the company is better positioned to cope with the pandemic than legacy brick & mortar furniture and housewares retailers."
- Shares of Wayfair are up 11.48% premarket to $36.79 vs. the 52-week trading range of $32.51 to $173.72.