Macquarie reassesses Temple & Webster in the wake of the trading update from Wayfair. The broker expects trading in the short term will be affected by uncertainty as restrictions brought on by the pandemic ease.

The broker applies a -10% discount to valuation to directly reflect the impact of this uncertain outlook. Target is reduced to $12.10 from $13.45. Neutral maintained.

Sector: Retailing.

Target price is $12.10.Current Price is $10.66. Difference: $1.44 - (brackets indicate current price is over target). If TPW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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