Wayfair price target lowered to $35 from $42 at Piper Sandler

Piper Sandler lowered the firm’s price target on Wayfair to $35 from $42 and keeps a Neutral rating on the shares. The analyst suspects trends are weakening at Wayfair which may put risk to the company’s target of reaching EBITDA profitability before Q4. As a result, the firm reduced Q2 through Q4 estimates below consensus. Price declines in the industry are starting as 60% of the retailers in our survey have already reduced prices by an average of 4%, the analyst tells investors in a research note.