Needham lowered the firm’s price target on Wayfair (W) to $40 from $50 but keeps a Buy rating on the shares. The analyst notes the company’s better than expected results but also sees the beat primarily driven by margins through lower SOTG&A expense from earlier than expected benefits of the announced tech restructuring. Needham adds that the overall category continues to be pressured and uncertainty is still at the highs.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on W:
- Wayfair price target raised to $40 from $36 at Truist
- Wayfair price target lowered to $38 from $55 at BMO Capital
- Wayfair price target lowered to $55 from $60 at Raymond James
- Wayfair price target lowered to $35 from $45 at Bernstein
- Wayfair’s Resilience and Growth Potential: A Buy Rating Amid Strategic Initiatives and Market Challenges