Etsy price target lowered to $50 from $55 at Bernstein

Bernstein analyst Nikhil Devnani lowered the firm’s price target on Etsy (ETSY) to $50 from $55 and keeps a Market Perform rating on the shares following quarterly results. The firm says “the uncomfortable reality” is that it’s not exactly clear how Etsy works its way out of its current situation or when. Marketing spend has been climbing but isn’t turning the GMS trajectory. Increased product development seems necessary from Bernstein’s vantage point to drive long-term frequency gains, but there’s no silver bullet.