Wayfair price target lowered to $55 from $65 at Bernstein

Bernstein analyst Nikhil Devnani lowered the firm’s price target on Wayfair to $55 from $65 and keeps a Market Perform rating on the shares as “the Wayfair Whirlwind continues.” The firm notes the stock more than doubled into Investor Day but has now been cut in half and has bounced around on the print. Q3 was decent but once again brought to light the start-stop nature of operating in a category that continues to be under pressure, Bernstein says. The Q4 revenue guide down was modest, but makes the re-acceleration narrative look shaky, it adds.