Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Etsy to $47 from $58 and keeps an Underweight rating on the shares ahead of quarterly results. The firm reduced Q3 estimates and expects low single-digit percentage CC year-over-year GMS declines for Q4, with risk likely skewed to the downside. Despite share underperformance year-to-date, Wells remains bearish on limited visibility into any GMS recovery.
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