Jefferies lowered the firm’s price target on Etsy to $50 from $70 and keeps an Underperform rating on the shares.The firm, which forecasts U.S. e-commerce sales growth decelerates from a 14% compound annual growth rate in 2014-19 to a 7% CAGR in 2023-28, is reducing its 2024 GMS and EBITDA estimates for Etsy by 3% each. Despite year-to-date underperformance, the firm’s analysis suggests there is “further downside to numbers” for Etsy, the analyst added.
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