Etsy price target lowered to $65 from $72 at Raymond James

Raymond James lowered the firm’s price target on Etsy (ETSY) to $65 from $72 and keeps an Outperform rating on the shares. The firm expects Etsy’s Q3 results to show a continuation of Gross Merchandise Sales declines based on the firm’s channel checks across Google Trends and mobile app data, but despite declining GMS, the firm still sees opportunity for better marketplace monetization which should translate to potential upside for margin expectations, the analyst tells investors in a research note.