Etsy price target lowered to $70 from $76 at Truist

Truist lowered the firm’s price target on Etsy (ETSY) to $70 from $76 and keeps a Buy rating on the shares. The company’s Q3 results were “better than feared”, with revenue and EBITDA ahead of expectations driven by a higher take rate, the analyst tells investors in a research note, adding however that its gross merchandise sales guide of low-to-mid-single digit Y/Y decline is slightly below expectations amid a tough macro backdrop. Good cost management, ongoing investments in search, product quality and buyer retention should position Etsy well for when the economy finally normalizes, the firm states.