Wayfair rises after Jefferies upgrades to 'buy', co announces job cuts

Furniture and home decor company Wayfair's W.N shares up 6.5% at $35.26

Brokerage Jefferies upgrades stock rating to "buy", raises PT to $47 from $45

Says traffic at co's stores in states such as Arizona and Washington has risen, and expects growth in other regions

Says its analysis of ~38 peers shows co's outperformance through Q3 2024, with W getting highest market share growth since 2021

"Our analysis proves physical retail is putting a 'halo' around e-comm in states with a brick & mortar presence (~700 bp

inflection in site traffic), and expect amplified digital sales with more stores" - brokerage

Co also announces workforce reduction of 340 technology team members and expects charges in the range of $33 million to $38 million

Stock has fallen 21.2% YTD, including session's movee