Wayfair (W) Estimates, PT Lowered to $355 at Cowen on Supply Chain Issues and Tough Comps

Cowen analyst John Blackledge lowered the price target on Wayfair (NYSE: W) to $355.00 (from $380.00) while maintaining an Outperform rating after trimming estimates on supply chain issues and tough comps.

The analyst commented, "We trimmed our W '21-'31 forecast on tough near-term comps coupled with cont'd supply chain issues. We are now 5%/11%/13% below consensus revenue in 3Q21/4Q21/1Q22. The L-T story remains intact in our view given W's large TAM, solid US margin profile and further int'l expansion ahead, though near-term pressure to consensus forecast is likely. PT to $355 vs. $380 prior, maintain Outperform"

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