Wedbush lowered the firm’s price target on Etsy to $60 from $70 and keeps a Neutral rating on the shares. The firm notes Etsy reported Q3 results that beat expectations on the top- and bottom-lines, but macro headwinds weighed on discretionary purchases late in the quarter driving a GMS deceleration. Negative trends to start Q4 led the company to guide to a disappointing outlook, echoing Wedbush’s analysis and concerns.
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