Etsy price target lowered to $55 from $62 at Truist

Truist lowered the firm’s price target on Etsy (ETSY) to $55 from $62 but keeps a Buy rating on the shares. The firm cites the imposition of 125% tariff on China, with more tariffs potentially hitting other trading partners within 90 days, stating that while this remains a fluid situation, Truist estimates Etsy’s direct exposure to Chinese sellers in the low single digit percent of gross merchandise sales and its indirect exposure – non-Chinese sellers acquiring supplies from China – to be somewhat higher. Truist adds however that it remains constructive in the long term as it sees the elimination of the de minimis exemption for Chinese imports as a net positive.