Wayfair price target lowered to $35 from $62 at RBC Capital

RBC Capital analyst Steven Shemesh lowered the firm’s price target on Wayfair to $35 from $62 and keeps a Sector Perform rating on the shares after its Q3 results. The analyst states that while he is encouraged that management is prioritizing cost-cutting and profitability, he also believes that the stock price momentum will be difficult to come by until the macro environment improves. Shemesh is cutting his enterprise value to expected FY24 sales multiple assumption to 0.45 from 0.6-times based on "peer group contraction and an increasingly grim furniture outlook".