Will Wayfair Stock Hit $100 In 2023?
Wayfair (NYSE: W) stock has had a rocky ride over the last few years. The share price surged to an all-time high of $369 in 2021 as the extra time at home during pandemic lockdowns sent more people online to shop for new furniture. Over the last year, Wayfair was hit hard by supply chain shortages and high inflation that caused revenue to fall. An expensive valuation entering 2022 ahead of falling revenue sent the stock price down 84% from its high.
Despite the weak outlook for consumer spending, Wayfair stock has nearly doubled off its 52-week low, and some Wall Street analysts expect more gains in the short term. Here's why.
As a leading online brand in the home goods industry, Wayfair will return to growth. Its wide selection, speedy delivery service, and marketing investments have grown the business from just a few billion dollars in annual revenue a decade ago to over $12 billion in 2022. But Wall Street's main concern has been mounting losses on the bottom line in a weakening economy.
Source Fool.com
