Wayfair price target lowered to $76 from $92 at RBC Capital

RBC Capital lowered the firm’s price target on Wayfair (W) to $76 from $92 and keeps a Sector Perform rating on the shares after its Q1 results. The company continues to deliver strong results in a difficult operating environment and the firm is encouraged by the return to y/y active customer growth as well as the 4th consecutive quarter of a 15% contribution margin, but with that said, with a halted housing market and category cost inflation mounting, it’s difficult to get overly excited about shares at this time, the analyst tells investors in a research note.