Wayfair price target lowered to $72 from $90 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Wayfair (W) to $72 from $90 and keeps an Overweight rating on the shares. Q3 results show Wayfair’s ability to gain market share and preserve cash flow while waiting for a recovery in industry demand, says the analyst, who sees the company leveraging its position with suppliers to “disprove the bear case that more promotions would result in gross margin compression.”