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Wayfair's shares fell nearly 5% after Jefferies downgraded the stock to "Hold" due to soft holiday trends. Jefferies cited weakening web traffic, softer demand, and fading consumer buying intent. The brokerage cut its price target to $94, implying a 7% downside, and trimmed its fourth-quarter revenue and margin estimates. Middle-income shoppers, a core demographic, may reduce discretionary spending due to labor market pressures.

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