Analysts at Wedbush provided their outlook on Wayfair Inc.’s (NYSE:W) upcoming Q2 results, which are expected to be reported on Aug 4.
While industry retail sales growth continued to increase 3% year-over-year in Q2, the analysts noted that their checks point to further demand deterioration, particularly for the company’s core mass market customer segment that is most impacted by inflation.
The analysts expect Q2 revenue to decline 17% year-over-year (vs. Street’s 16% decline). Beyond the quarter, the analysts now expect a modest sequential decline in revenue in Q2 and an 8% decline for the full 2022-year (vs. Street’s 5% decline).
The analysts lowered their price target on the company’s shares to $50 from $68, while reiterating their neutral rating.