UPDATE: Jefferies Downgrades Wayfair (W) to Hold
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Jefferies analyst Jonathan Matuszewski downgraded Wayfair (NYSE: W) from Buy to Hold with a price target of $225.00 (from $330.00).
The analyst comments "3Q web traffic ended weak & 4Q started slow. Against a backdrop of supply chain disarray, 2H Street estimates are too high. Population demographics & suburban migration will fuel category growth, but we see a tactical opportunity for investors to avoid an 'airpocket' where demand falls shy of high expectations and rising costs mute profits. Shares are >30% off highs, but soft data isn't priced in yet. Downgrade to Hold."
Shares of Wayfair closed at $234.27 yesterday.
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