Wayfair price target lowered to $73 from $80 at Citi

Citi lowered the firm’s price target on Wayfair to $73 from $80 and keeps a Buy rating on the shares. While the company’s Q4 revenue and EBITDA were in-line, free cash flow was ahead, and importantly, although the Q1 guidance was below consensus, it was likely better than expected by investors, the analyst tells investors in a research note. The firm says Wayfair is proving that its fundamentals outside the macro are still well positioned with a focus on logistics, its brand resonance, and a measured move into physical retail “keeping it competitive in a fragmented market.”