Wayfair price target lowered to $50 from $60 at Truist

Truist analyst Naved Khan lowered the firm’s price target on Wayfair to $50 from $60 but keeps a Buy rating on the shares. The company’s Q3 results were "better than feared", but the headwinds from macro environment and the shift in consumer wallet share will continue to pressure Wayfair’s near-term growth, the analyst tells investors in a research note. Khan adds however that he remains positive on Wayfair’s "aggressive" focus on driving meaningful cost savings, which is likely to result in improving margins and positive EBITDA exiting 2023.