Wayfair price target lowered to $75 from $88 at TD Cowen

TD Cowen lowered the firm’s price target on Wayfair (W) to $75 from $88 and keeps a Hold rating on the shares. The company reported solid Q1 results though its Q2 revenue guide for growth in mid-single digits was in line with the firm’s estimates amid worsening category demand, offset by widening share gains, the analyst tells investors in a research note. TD Cowen adds that Wayfair’s gross margin guide of 29.5%-30.5% range departs from the recent 30%-31% range.