Etsy price target lowered to $55 from $62 at B. Riley

B. Riley lowered the firm’s price target on Etsy (ETSY) to $55 from $62 and keeps a Buy rating on the shares. The company’s Q1 results were largely in line with “muted” expectations, with gross merchandise sales seeing weakness amid ongoing headwinds for consumer discretionary spend, the analyst tells investors in a research note. However, the firm believes Etsy should benefit from the foundational work it has done to improve the buyer experience through enhancements to search, discovery and personalization.