Wayfair price target lowered to $53 from $89 at Baird

Baird analyst Colin Sebastian lowered the firm’s price target on Wayfair to $53 from $89 and keeps a Neutral rating on the shares. The firm said the are more constructive at current levels as Wayfair benefits from meaningful improvements to the expense structure, which are not yet fully recognizable given Home category pricing and demand headwinds, nor is that that potential fully contemplated in out-year consensus adjusted EBITDA estimates.