Etsy price target lowered to $78 from $87 at BTIG

BTIG lowered the firm’s price target on Etsy to $78 from $87 and keeps a Buy rating on the shares. The company continues to suffer from softness in discretionary spending as consolidated Gross Merchandise Sales, or GMS, declined by 3.7% and marketplace GMS fell 5.3%, the analyst tells investors in a research note. March underperformed the management’s expectations, in part due to a larger-than-expected Easter/Spring Break effect, but there was additional pressure from continued challenges in the discretionary categories, the firm added.