Etsy price target lowered to $40 from $43 at Deutsche Bank

Deutsche Bank analyst Lee Horowitz lowered the firm’s price target on Etsy (ETSY) to $40 from $43 and keeps a Hold rating on the shares. Etsy, unlike eBay, assumed a stable macro environment when pointing to second half sales trends that would improve relative to the first half, the analyst tells investors in a research note. As such, building incremental pressures on discretionary U.S. consumer spending is likely to take Etsy estimates lower in the coming quarters, says the firm.