Etsy price target lowered to $80 from $157 at DA Davidson

DA Davidson lowered the firm’s price target on Etsy to $80 from $157 but keeps a Buy rating on the shares. The analyst notes that while the company’s Q3 sales and EBITDA were better than expected, the outlook for Q4 forecast gross merchandise sales to decline by low single digits, the analyst tells investors in a research note. The management’s comments about the current state of the business – with an abundance of headwinds and only a small number of tailwinds – suggested that today marks one of the most challenging times for the company, the firm added.