Etsy price target lowered to $65 from $78 at BTIG

BTIG analyst Marvin Fong lowered the firm’s price target on Etsy (ETSY) to $65 from $78 and keeps a Buy rating on the shares. The company delivered solid revenue and adjusted EBITDA but on slightly worse-than-expected Gross Merchandise Sales, the analyst tells investors in a research note. The management also highlighted multiple headwinds in the quarter including Hurricane Helene, major sporting events, elections in the UK and France, and the distraction of the U.S. election, the firm added.