Amid the turbulence in the consumer and retail sector, Wayfair Inc. (NYSE:W) has been making headlines for its recent dip in stock performance. However, JPMorgan analyst Christopher Horvers is urging investors not to panic but instead “Buy the Dip,” as he emphasizes that the issues facing Wayfair are macroeconomic rather than company-specific. Horvers maintains an Overweight rating on the stock, albeit with a revised price target of $63 by December 2024, down from the previous $80. Here’s why he believes Wayfair’s long-term potential remains robust despite current headwinds. Wayfair’s Struggles: A Macro Issue, Not a Company Crisis Horvers pointed out that Wayfair’s disappointing second-quarter results were primarily due to broader macroeconomic conditions, not internal failures. He explains, “It's macro, not Wayfair; sales recovery deferred on rising headwinds; estimates coming down sharply but company-specific story remains intact.” The weak US housing market and an increasingly promotion-driven consumer environment have put pressure on Wayfair’s sales, causing a 1.7% decline in 2Q revenue compared to the Street's expectation of a 0.2% increase. Despite these challenges, Horvers remains optimistic about Wayfair’s ability to navigate through this tough period. ...