Wayfair price target lowered to $41 from $50 at BofA

BofA lowered the firm’s price target on Wayfair (W) to $41 from $50 and keeps a Neutral rating on the shares. The company eliminated 340 roles in its Technology organization and separately closed its Austin tech center, the analyst tells investors in a research note. The firm says management commentary indicates this was not a reaction to the market conditions. BofA thinks Wayfair’s “pragmatic approach” to costs positions the company well for when the market returns to growth. However, discretionary spend remains pressured, particularly in furnishings and tariffs add to the macro uncertainty, it adds.