Wayfair price target lowered to $55 from $60 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Wayfair (W) to $55 from $60 but keeps a Buy rating on the shares. The company’s in-line Q3 results and a mixed Q4 guide show that the Home Furnishing & Decor category remains challenged amid a tough macro backdrop, requiring Wayfair to forgo some margin near-term to stimulate demand and build customer loyalty, the analyst tells investors in a research note. Wayfair’s sustained market share gain within this struggling segment and meaningful cost efficiencies in the last 18 months are its long-term catalysts for when rates improve and demand comes back, Truist added.