Wayfair price target lowered to $40 from $50 at Needham

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.