Etsy price target lowered to $54 from $65 at Citi

Citi lowered the firm’s price target on Etsy (ETSY) to $54 from $65 and keeps a Neutral rating on the shares. Etsy delivered a mixed print with gross merchandise sales growth below expectations, offset by better take rates and margins, the analyst tells investors in a research note. The firm says Etsy has gotten no relief from a consumer goods discretionary macro that remains very challenging, especially given its non-exposure to the deep discounting events that is resonating with shoppers.