BofA raised the firm’s price target on Wayfair (W) to $49 from $46 and keeps a Neutral rating on the shares. BofA aggregated credit and debit card data indicates that online furniture spend declined 4.4% year-over-year in May and modestly underperformed brick and mortar furniture spend, which fell 4.1% year-over-year as consumers likely shifted spending to pre-tariffed, landed inventory, the analyst reports. For Wayfair, the firm cites higher market multiples for its raised target.
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