Wayfair price target lowered to $45 from $50 at Wedbush

Wedbush lowered the firm’s price target on Wayfair (W) to $45 from $50 and keeps an Outperform rating on the shares. The firm notes shares traded lower Friday after slightly missing Q3 EBITDA expectations on in-line sales and providing a disappointing Q4 sales and margin outlook. Incremental marketing investments drove the worse than expected EBITDA margin performance in Q3 and outlook for Q4.