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.
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