MW: Wayfair laying off 1,650 employees, weeks after CEO urged staff to work harder
MARKETWATCH reports: (Wayfair shares climbed in premarket trades Friday after the home-goods retailer announced a plan ...
BARRON’S reports:
Wayfair W +24.42% shares soared Monday after landing a double upgrade from a J.P. Morgan JPM +0.50% analyst arguing that “tides have turned positive” for the online furniture retailer and that it is now more focused on controlling expenses.
On Friday, the company announced layoffs of about 1,750 employees, or 10% of its staff. That followed a cut of about 870 positions in August.
In a research note published Monday, J.P. Morgan analyst Christopher Horvers raised his rating on the stock to Overweight from Underweight. He changed his target for the stock price to $63 from $35.
Wayfair shares rose 12% to $52.50 in premarket trading on Monday. The shares gained more than 20% on Friday.
The full post, titled “Wayfair Stock Lands Double Upgrade After Layoffs” is here.
Stock up 25% to $58.5 at 10.15 EST.
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