Wayfair Inc (NYSE:W) shares are trading lower Thursday after Wells Fargo analyst Zachary Fadem downgraded the stock from an Equal-Weight rating to an Underweight rating and lowered the price target from $110 to $100.
As inflation picks up and the Fed turns more hawkish, Fadem suggests a potential recession could make macro-sensitive stocks more difficult to own "under a narrative of multi-year demand pull forward, spiking mortgage rates and deteriorating consumer sentiment."
The Wells Fargo analyst cites waning demand, optimistic analyst estimates and the aforementioned headwinds as reasons for the Wayfair downgrade.
Wayfair is set to announce its first-quarter financial results before the market opens on May 5.
W 52-Week Range: $100.57 - $343.80
According to data from Benzinga Pro, the stock was down 4.35% at $102.30 at time of publication.
Photo: u_jup1hbno from Pixabay.
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