Piper Sandler analyst Peter Keith lowered the firm’s price target on Wayfair (W) to $63 from $67 and keeps an Overweight rating on the shares. The firm is lowering its Q3 and Q4 estimates on Wayfair ahead of quarterly results. Piper’s survey work and industry checks suggest demand trends in the home furnishings space have fallen off in September and October – due to pre-election consumer malaise and industry advertising getting crowded out by political ads. While the firm expects demand will likely improve in the back half of Q4, it suspects there could be margin pressure in Q3 and/or Q4 from either higher ad costs or increased promotions.
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