Wayfair price target lowered to $70 from $100 at Wells Fargo

Wells Fargo analyst Zachary Fadem lowered the firm’s price target on Wayfair to $70 from $100 and keeps an Overweight rating on the shares. The firm believes that post-Q3, Wayfair’s shares should be higher. Sales inflected, share gains are evident and profit progress is impressive. Positioning, rates and category headwinds cloud this setup, but Wayfair is executing, and Wells sees a compelling long-term story.