Canaccord lowered the firm’s price target on Wayfair (W) to $68 from $76 and keeps a Buy rating on the shares. The firm said they reported relatively stable Q4 results, with net revenue coming in modestly ahead of consensus and adj. EBITDA margin at the midpoint of guidance. Canaccord said despite ongoing category malaise, Wayfair shares represent an attractive risk- reward, as continued platform optimization, cost structure discipline, and share gains are creating a favorable foundation for sustained growth once the macro backdrop stabilizes.
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