Bernstein analyst Nikhil Devnani lowered the firm's price target on Wayfair ( W ) to $35 from $45 and keeps a Market Perform rating on the shares. The firm notes Wayfair's Q1 results were largely in-line with its expectations for modestly improving revenue growth, while EBITDA surprised to the upside. The call was dominated by a discussion of tariff implications and supply chain diversification. In short, Wayfair isn't seeing much impact yet, echoed by others too, Bernstein says. However, this quarter was always going to offer limited visibility given inventory dynamics. The firm walks away from the print with a few nuggets that make it feel a bit better about Wayfair's positioning, but tariffs can still be highly disruptive.