Jefferies Cuts Wayfair Price Target By 40%

• Jefferies analyst Jonathan Matuszewski lowered the price target on Wayfair Inc (NYSE:W) to $149 from $247, implying a 1% upside, and kept a Hold rating on the shares.
• The move comes after Matuszewski's web traffic review that led him to cut his Q4 sales forecast by about 3%.
• The analyst now sees an EBITDA loss versus a profit given his finding of more new versus existing visitors, which should hit ad expenses.
• He is also revisiting the stock's valuation, given his expectation for "more sober" 2022 guidance that he sees forthcoming from Wayfair.
• Price Action: W shares are trading higher by 1.24% at $147.53 on the last check Monday.