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Wayfair is nuts, when’s the crash?

Monday's jump in Wayfair's share price took the online seller of home furniture to an all-time high of 1.44, 89 per cent above where it started the year.It's been a maddening run-up for the short-sellers, which include Andrew Left of Citron Research, who slapped a price target on the company in 2015. He returned to the short last summer with a rather higher figure: 0.Like many battleground stocks of this cycle, Wayfair's .5bn enterprise value is a bone of contention for those who believe a company should trade on current fundamentals, rather than Panglossian extrapolations. While it only sells at a relatively modest 2.3 times last year's revenues, according to S&P Capital IQ, the company has yet to make an operating profit, or generate free cash flow, in the last seven

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Monday's jump in Wayfair's share price took the online seller of home furniture to an all-time...

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