Etsy price target lowered to $44 from $47 at Wells Fargo

Wells Fargo lowered the firm’s price target on Etsy (ETSY) to $44 from $47 and keeps an Underweight rating on the shares. Etsy’s Q3 Gross Merchandise Sales disappointed, but guidance for Q4 was not as bad as expected, the analyst tells investors in a research note. The firm sees search and app initiatives as the first steps toward a reset, but there is likely more work to be done to return to growth, Wells says.