Etsy price target lowered to $52 from $55 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Etsy (ETSY) to $52 from $55 and keeps an Underweight rating on the shares. Macro impacts are pressuring Etsy’s GMS trajectory with increased marketing unable to inflect buyers or frequency, noted the analyst, who continues to propose a pair trade with Overweight eBay (EBAY) and Underweight Etsy on what the firm sees as “converging growth despite divergent multiples.”