Truist lowered the firm’s price target on Etsy (ETSY) to $67 from $70 and keeps a Buy rating on the shares. The firm is citing Truist Card Data which indicates that Etsy’s Marketplace revenue trailed consensus and its prior estimates, attributing the lower revenue expectation to a tough macro driving lower order frequency and average order value during the Holiday Season, the analyst tells investors in a research note. Truist maintains however that Etsy continues to hold market share across many of its key verticals, adding that given its focus on differentiating itself from discount-based platform, Etsy is well positioned to start growing again as the economy normalizes.
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