Etsy price target lowered to $45 from $50 at Bernstein

Bernstein lowered the firm’s price target on Etsy (ETSY) to $45 from $50 and keeps a Market Perform rating on the shares following quarterly results. The firm notes Etsy has far less direct exposure to China tariffs than most, which may even turn into a tailwind for the business at some point. Bernstein likes the broader message on data-driven enhancements to search and the recommendation engine, which it thinks are in need of upgrades to unlock higher frequency and get GMS growing again. However, the firm says it is certainly not there yet, with core KPIs still under pressure and a lack of proof points in the numbers.