Jefferies Maintains Hold Rating and $94 PT on Wayfair (W)

Core Viewpoint - Wayfair Inc. is currently viewed as a high short interest stock, with Jefferies maintaining a Hold rating and a price target of $94, reflecting a cautious outlook on the company's performance amid a slowdown in holiday shopping [1][2]. Financial Performance - In Q3 2025, Wayfair reported total net revenue of $3.1 billion, an 8.1% year-over-year increase, or 9% when excluding the impact of exiting the German market [3]. - US net revenue was $2.7 billion, up 8.6%, while international net revenue reached $389 million, up 4.6% [3]. - The company experienced a net loss of $99 million, translating to a diluted loss per share of $0.76, although this was an improvement from a net loss of $74 million in the same period of 2024 [3]. Customer Metrics - The average order value increased to $317 in Q3, up from $310 in the same quarter last year [4]. - Repeat customers accounted for 80.1% of total orders delivered, an increase from 79.9% in Q3, representing 7.9 million orders, which is a 6.8% increase [4]. - Orders placed via mobile devices constituted 63.0% of total orders delivered [4]. - Active customers totaled 21.2 million as of September 30, reflecting a 2.3% year-over-year decrease [4]. Business Overview - Wayfair Inc. operates in the e-commerce sector, offering a wide range of products including furniture, décor, housewares, and home improvement items through various platforms such as Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional [5].