Citi lowered the firm’s price target on Wayfair (W) to $54 from $70 and keeps a Buy rating on the shares. The company’s results were mixed as Q3 came in better than investors feared, but the Q4 guidance was softer as trends appear incrementally more challenging, the analyst tells investors in a research note. The firm says the macro environment remains an “outsized overhang” in Wayfair’s category, limiting the growth potential. It expects the shares to trade within a range around the macro, but remains constructive long-term.
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