Wayfair price target lowered to $47 from $55 at Stifel

Stifel analyst Mark Kelley lowered the firm’s price target on Wayfair (W) to $47 from $55 and keeps a Hold rating on the shares. Q3 results were relatively in-line on both revenue and adjusted EBITDA, but the Q4 guidance was a little lighter than expected, which implies worsening trends in the back half of the quarter, the analyst tells investors in a post-earnings note. The firm would look to become more positive with indications of an improving category environment and signs that recent initiatives – including a new loyalty program and physical retail store – will translate into meaningful top-line improvements, the analyst added.