Etsy price target lowered to $55 from $60 at Barclays

Barclays analyst Trevor Young lowered the firm’s price target on Etsy (ETSY) to $55 from $60 and keeps an Equal Weight rating on the shares. The company reported a gross merchandise sales miss but revenue and EBITDA ahead on better take rate expansion, the analyst tells investors in a research note. The firm says Etsy is making a lot of changes to clean up assortment, search and overall consumer experience, but that merchandise sales headwinds are likely to persist until discretionary demand firms up.