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

Bernstein analyst Nikhil Devnani lowered the firm’s price target on Etsy (ETSY) to $55 from $60 and keeps a Market Perform rating on the shares. The firm says it wants to get more constructive on its SMIDCap e-commerce group, but likely needs to see another cut or two to growth expectations.