Wayfair price target lowered to $80 from $110 at UBS

UBS lowered the firm’s price target on Wayfair to $80 from $110 and keeps a Buy rating on the shares. UBS believes expectations are modest heading into Wayfair’s print given the 40% decline in the stock since its Q2 report, and tells investors in a research note that the combination of uncertain macro and housing risks coupled with a perception that FY24 consensus expectations are too optimistic have weighed on the stock.