Why Wayfair Stock Dived by 9% Today
Many stocks even tangentially connected to the tech world fell spectacularly on Tuesday. Caught in this vortex was online furniture and home furnishings retailer Wayfair (NYSE: W); it didn't help that on the preceding day, an analyst launched coverage of the stock with the equivalent of a sell recommendation.
After market close on Monday, Sanford C. Bernstein inaugurated its coverage, tagging Wayfair stock at "underperform." Analyst Nikhil Devnani placed a $45 per share price target on the shares, which at the time was more than 10% below Wayfair's closing price.
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Source Fool.com