Wayfair price target lowered to $40 from $60 at Cowen

Cowen analyst John Blackledge lowered the firm’s price target on Wayfair to $40 from $60 and keeps a Market Perform rating on the shares. The analyst said quarter-to-date revenue trend of down 10% year-over-year was well below our estimate and management guided to down high single digits reflecting ongoing macro headwinds.