Wayfair price target lowered to $47 from $50 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Wayfair to $47 from $50 and keeps a Buy rating on the shares. The firm believes management is dramatically lowering the company’s cost basis to reach sustainable adjusted EBITDA profitability within the next 2-3 quarters while resetting top line expectations to more beatable levels, the analyst tells investors in a research note.