Etsy price target raised to $95 from $70 at Evercore ISI

Evercore ISI analyst Shweta Khajuria raised the firm’s price target on Etsy to $95 from $70 and keeps an Outperform rating on the shares after the company announced an 11% workforce reduction and updated its fourth quarter guidance. The firm, which is revising its estimates, now expects flat year-over-year EBITDA margin in FY24 and expects Etsy to reinvest a “meaningful portion” of cost savings to drive topline growth next year.