Analyst Review – 08/03/23

Upgrades

$WING – Wingstop Inc.
Recent News
Benchmark has elevated Wingstop from a Hold to a Buy status, setting a price target of $200. This decision follows the company’s Q2 results, which the firm describes as “solid,” and comments on the advancements made in transitioning away from relying on spot market purchasing of chicken wings.

Brokerage Firm: The Benchmark Company
Rating Change: Hold >> Buy
Price Target: $200.00
Shares Outstanding: 29.95M Share Float: 29.87M

$W – Wayfair Inc.
Recent News
Wayfair’s shares rose by 24% on Thursday to their highest level in more than a year, following a report of a smaller-than-expected loss for the second quarter. The company sold more than 10 million orders, an increase of 3% from last year, even though revenue dropped slightly. They also managed to reduce their costs, leading to a 10% increase in profit and a smaller net loss of $46 million. The stock price reached $90.71 and has gone up 160% this year. Wayfair’s CEO announced that the company’s profits were over 30% for the second quarter, a success only seen during 2020’s pandemic peak. Wells Fargo analysts also improved their rating of Wayfair’s stock and raised their price target, praising the company’s lower costs and better sales. The general analyst rating for Wayfair is “buy,” with a target price of $70 per share.

Brokerage Firm: Wells Fargo
Rating Change: Underweight >> Overweight
Price Target: $135.00 >> $100.00
Shares Outstanding: 110.00M Share Float: 78.06M

Downgrades

$ETSY – Etsy Inc.
Recent News
Etsy’s shares fell by 13.69% after the company announced no growth for another quarter and a disappointing forecast for the upcoming one. The total value of goods sold (GMS) dropped a bit to $3.01 billion, showing continued struggles since the pandemic boost ended. Despite this, revenue did go up by 7.5% to $628.9 million because of a fee increase, and this was more than what analysts predicted. There were also more active buyers and sellers, which is positive for the future. Earnings before taxes (EBITDA) went up slightly, but earnings per share went down due to a special charge, although it was still better than expected. The CEO said they are working on making Etsy more efficient to grow. Next quarter, the company expects little change in GMS and revenue between $610 million and $645 million, less than predicted but still an 11.2% increase from last year.

Brokerage Firm: Bernstein
Rating Change:Outperform >> Mkt Perform
Price Target: $120.00 >> $105.00
Shares Outstanding: 124.34M Share Float: 122.34M

DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.