Raymond James lowered the firm’s price target on Etsy (ETSY) to $60 from $65 and keeps an Outperform rating on the shares. Etsy reported a Q4 gross merchandise sales and revenue miss as well as weaker-than-expected guidance for Q1, moving the bar lower, though the risk/reward is still favorable, the analyst tells investors in a research note. Spending more to drive GMS improvement would benefit the stock, even if it limits upside to EBITDA, and Raymond James sees the shares rangebound until GMS shows signs of improving.
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Read More on ETSY:
- Etsy price target lowered to $62 from $67 at Truist
- Etsy price target lowered to $44 from $45 at Morgan Stanley
- Etsy price target lowered to $70 from $80 at Guggenheim
- Etsy price target lowered to $51 from $56 at Stifel
- Etsy’s Underperformance and Buyer Retention Concerns Lead to Continued Sell Rating