Etsy price target lowered to $70 from $85 at Evercore ISI

Evercore ISI lowered the firm’s price target on Etsy to $70 from $85 and keeps an Outperform rating on the shares following what the firm describes as “a Beat across the board.” However, Etsy’s Q4 GMS growth forecast, take rate of 20.8%, and 26%-27% EBITDA margin outlook “came in modestly below the Street,” the analyst tells investors. While the firm remain buyers with a longer-term view, in the near-term, however, Evercore continues to think “this stock may trade sideways.”