Etsy falls after Opco lowers estimates on higher gas prices

Oppenheimer analyst Jason Helfstein modestly lowered Etsy‘s (ETSY) gross merchandise sales estimates for the first half of the year to reflect uncertainty around consumer spending from rising gas prices. Etsy could be more exposed than other online marketplaces to higher gas prices as its products are highly discretionary and active buyers have plateaued, the analyst tells investors in a research note. Opco does not see the company “leaning into promotions or discounting during periods of weakness.” It believes Etsy will continue focus on driving frequency through better consumer experiences and AI driven personalization with its early tests delivering positive results. Oppenheimer has a Perform rating on the shares, which are down 7% to $49.07 in morning trading.