Wayfair Stock Is Rallying Today: What's Going On?

Wayfair Inc W shares are trading higher Monday after multiple analysts upgraded the stock in the wake of the company's cost efficiency plan and business performance update.

• JPMorgan analyst Christopher Horvers upgraded Wayfair from Underweight to Overweight and raised the price target from $35 to $63.
• Wedbush analyst Seth Basham upgraded Wayfair from Neutral to Outperform and announced a $38 price target.
• Oppenheimer adjusted its price target from $110 to $70, but analyst Brian Nagel maintained an Outperform rating on the stock. 

On Friday, Wayfair announced a 10% workforce reduction, including 18% of corporate employees. The company said it anticipates between $68 million and $78 million in workforce reduction-related costs, but expects approximately $500 million in annualized operational cost savings.

Wayfair is the e-commerce destination for all things home-related.

See Also: US Stocks Seem To Flatline As Traders Digest Friday's Gains: Key Earnings To Dominate Sentiments This Week

W Price Action: Wayfair has a 52-week high of $163.99 and a 52-week low of $28.11.

Wayfair shares are up 12.7% at $52.75 at the time of writing, according to Benzinga Pro.

Photo: Rudy and Peter Skitterians from Pixabay.