Wayfair price target lowered to $70 from $110 at Oppenheimer

Oppenheimer analyst Brian Nagel lowered the firm’s price target on Wayfair to $70 from $110 to reflect his generally longer-term, speculative call on shares, while keeping an Outperform rating on the shares. The analyst notes that on Friday, Wayfair updated favorably topline guidance for Q4 and indicated that more aggressive expense controls should now allow the chain to deliver sustained EBITDA profitably sooner than previously expected. Overall, while near- and longer-term risks for Wayfair persist, and the company’s unique e-commerce model remains largely experimental, Nagel believes that recent, positive developments at the company serve to lessen meaningfully chances of a "worst case scenario."