Temple & Webster (ASX:TPW) shares fell sharply after its Wednesday trading update and have now reached a "realistic" price, according to a Wednesday Jefferies note.
The company on Wednesday said its revenue from July 1 to Nov. 20 was up 18% on the prior corresponding period.
Temple and Webster remains a high-quality growth business, Jefferies noted as the investment firm cut earnings per share forecasts by 2% for fiscal 2026, 5% for fiscal 2027, and 4% for fiscal 2028.
Jefferies upgraded TWP to buy from underperform and lowered its price target to AU$16.30 from AU$18.
The company's shares rose past 2% in recent Thursday trade.
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