Etsy price target lowered to $80 from $125 at Guggenheim

Guggenheim lowered the firm’s price target on Etsy to $80 from $125 and keeps a Buy rating on the shares, citing peer multiple compression for its lower target. Etsy continues to imply the potential for reinvestment back into marketing spending, so the firm expects continued share price volatility until management frames the out-year implications, but it keeps a Buy rating on the shares given a belief that out-year adjusted EBITDA margin concerns are “overdone.”