Wayfair price target lowered to $55 from $60 at Raymond James

Raymond James lowered the firm’s price target on Wayfair (W) to $55 from $60 and keeps a Strong Buy rating on the shares following the Q1 earnings report. The lowered price target reflects multiple compression across the entire specialty retail sector, the analyst tells investors in a research note. Wayfair’s marketplace model provides flexibility from a sourcing perspective, leaving it at a relative advantage versus other pure play furniture retailers, the firm says.