JPMorgan lowered the firm’s price target on Wayfair (W) to $50 from $63 and keeps an Overweight rating on the shares. The company on Friday announced a planned technology workforce reduction impacting 340 employees, the analyst tells investors in a research note. The firm says the decision is very different from the company’s prior workforce reductions that were designed to narrow its growth bets, maximize resources, and improve organizational efficiency. JPMorgan notes that while management emphasized the cost reduction was not reactive to the environment, it is watching trends in March and April.
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