Triton Research initiated research coverage on the upcoming IPO for Wayfair (NYSE: W) with a 5.95 rating, which is below average for tech IPOs scored by Triton Research generally, and zulily (7.38) in particular. The firm’s average IPO rating is 5.95.
“Although Wayfair’s customer acquisition has been successful, the Company controls neither product manufacturing nor logistics and distribution, and is therefore less defensible than a vertically-integrated e-commerce platform,” Triton stated. They added, “Investors will also be concerned about future profitability, as well as poor disclosure and a dual-class stock structure.”
