Wayfair price target lowered to $50 from $60 at Loop Capital

Loop Capital lowered the firm’s price target on Wayfair to $50 from $60 and keeps a Hold rating on the shares. The firm is adjusting its sales and margin estimates lower while noting that the industry is bouncing along the bottom, the analyst tells investors in a research note, adding that its updated model is also responding to increased negative sentiment around demand for home products while “lowering the bar proactively”. Loop also maintains that its longer-term bearish thesis has been that growth at Wayfair is funded by debt, and the cost of debt has increased significantly.