Why Wayfair Stock Moved Higher Today

Shares of Wayfair (NYSE: W) gained today after the online home goods retailer got a bullish analyst note from Piper Sandler. As a result, the stock finished up 12.8% on Tuesday.

Analyst Peter Keith of Piper Sandler lifted his price target on the stock from $220 to $225 and maintained his overweight rating, saying that channel checks revealed that online sales of home goods were steady or strengthening from April to May, a favorable sign for Wayfair since the company had already said sales surged in April.

Image source: Wayfair.com.

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Source Fool.com