12:45 PM EDT, 05/03/2024 (MT Newswires) -- Wayfair's ( W ) 1% year-over-year US revenue drop in Q1 indicates "significant outperformance" compared with the industry's "double-digit declines" during the period, Wedbush Securities said Friday in a report.

With improvements in price, delivery speed and availability, Wayfair ( W ) continues to gain market share "without sacrificing much gross margin as suppliers continue to fund most promotions," the firm said.

The firm said that sales could potentially accelerate in H2, "especially as tailwinds from engagement-focused brand-building initiatives continue to rise." For 2024, Wedbush increased its revenue estimate for Wayfair ( W ) to $12.11 billion from $12.04 billion previously.

Wedbush maintained Wayfair's ( W ) outperform rating and $70 price target.

Wayfair ( W ) shares were up more than 5% in recent trading.

Price: 61.90, Change: +3.26, Percent Change: +5.56