Wayfair price target raised to $45 from $40 at Roth MKM

Roth MKM analyst David Bellinger raised the firm’s price target on Wayfair to $45 from $40 but keeps a Neutral rating on the shares ahead of its Q4 results. The company’s rapid expense reductions represent a clear positive in cleansing the model and eliminating a worst case scenario, though there are still challenges ahead that require clarity on any changes to ad spending and the resultant impact on the top-line, the analyst tells investors in a research note.