Why Wayfair Shares Are Rising Monday

Wayfair Inc W shares are trading higher Monday amid continued positive analyst coverage. 

What Happened: Piper Sandler analyst Peter Keith upgraded Wayfair from a Neutral rating to an Overweight rating on Monday and raised the price target from $35 to $97.

The significant price target increase comes on the heels of a couple of other price target bumps from analysts at the end of last week.

On Friday, Citigroup analyst Ygal Arounian maintained Wayfair with a Buy rating and raised the price target from $65 to $88. Wedbush analyst Seth Basham also maintained Wayfair with an Outperform rating and raised its price target from $50 to $80.

Last week, Wayfair launched a new generative AI product called Decorify, which offers shoppers the ability to reimagine their spaces with their own style preferences thanks to its AI capabilities. 

"Decorify is the latest example from Wayfair Next of how we use visual inspiration, such as 3D, Spatial Computing and now Generative AI, to create unique, novel and functional customer experiences," said Shrenik Sadalgi, director of research and development at Wayfair.

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W Price Action: Wayfair shares were up 7.57% at $78.62 at time of publication, according to Benzinga Pro.

Photo: chien than from Pixabay.