MoffettNathanson raised the firm’s price target on Wayfair to $57 from $42 and keeps a Neutral rating on the shares after the company announced a 13% headcount reduction of the global workforce. The firm expects the company to realize $150M in cash operating expense savings by the end of 2024. The analyst, however, remains bearish on discretionary categories believes Wayfair saw a Bed Bath & Beyond benefit in 2023. MoffettNathanson sees continued risk to revenue growth for the category in 2024.
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