UPDATE: Piper Sandler Downgrades Wayfair (W) to Neutral
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Piper Sandler analyst Peter Keith downgraded Wayfair (NYSE: W) from Overweight to Neutral with a price target of $65.00 (from $200.00).
The analyst comments "Downgrading W to Neutral, lowering our PT to $65. While we acknowledge tardiness to the rating change (shares -64% YTD), we can no longer defend shares due to the following: (1) Sales outlook and market share dynamics uncertain; (2) EBITDA losses for 2022 could be meaningful; (3) Negative FCF for 2022 looks likely as CapEx steps up."
Shares of Wayfair closed at $90.76 yesterday.
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