Wayfair price target raised to $51 from $44 at BofA

BofA raised the firm’s price target on Wayfair (W) to $51 from $44 and keeps a Neutral rating on the shares. The firm notes that on Friday, Wayfair announced plans to exit Germany effective immediately, resulting in a workforce restructure of approximately 730 employees. According to management, challenges in Germany vs other International countries included a weaker macro, less market share gains, lower maturation and brand awareness, and weaker unit economics.