Wayfair price target lowered to $36 from $53 at Truist

Truist lowered the firm’s price target on Wayfair (W) to $36 from $53 but keeps a Buy rating on the shares. The firm is adjusting its model after the imposition of 125% tariff on China, which went into effect yesterday. The scope and rate of this tariff are higher than anticipated and should have an adverse impact on the company’s growth and profit margin, the analyst tells investors in a research note, adding however that the stock pullback already captures much of the downside risk over the near to medium-term.