Why Wayfair Stock Is Skyrocketing Today
Shares of home-furnishings e-commerce company Wayfair (NYSE: W) are skyrocketing in early trading Monday morning following multiple upgrades from Wall Street. These upgrades come after the company updated its plan to cut expenses on Friday. As of 10:20 a.m. ET, Wayfair stock was up 25% and is up about 50% from Thursday's low.
Analysts typically work off of a three-tiered system that rates stocks to outperform the market, perform inline with the market, and to underperform the market -- these are very close to buy, hold, and sell recommendations.
Usually, when an analyst makes a change to their rating, they only change it by one rung at a time. But today, two very influential analysts are improving their ratings for Wayfair stock by two rungs -- which certainly explains why Wayfair stock is jumping so much today.
Source Fool.com
