Wayfair's Modest Growth and Marginal Adjustments Justify Hold RatingWe est. W 3Q25 rev of $3.0BN, +3.9% y/y and ~1% below consensus. We estimate +4.1% y/y US rev growth. We est. 3Q EBITDA of $163.7MM, in-line with consensus. Our Home eCommerce expert check suggested softness in Sep followed by a recovery in demand in Oct as inventory levels begin to improve. We updated our model, raising L-T EBITDA forecasts and breaking out '26 quarters. PT to $74, maintain Hold.