Wayfair price target lowered to $115 from $125 at Canaccord

Canaccord lowered the firm’s price target on Wayfair (W) to $115 from $125 and keeps a Buy rating on the shares. The firm said Wayfair reported strong Q1 results, with both revenue and adj. EBITDA modestly ahead of expectations and several notable inflection points materializing. Active customers grew for the first time since 2Q24, new order growth of roughly 7% marked the best result since 2021, and the 5.2% adj. EBITDA margin was Wayfair’s best Q1 print in five years.