Etsy price target lowered to $58 from $60 at BTIG

BTIG analyst Marvin Fong lowered the firm’s price target on Etsy (ETSY) to $58 from $60 and keeps a Buy rating on the shares. The firm said it would characterize Etsy’s Q1 results and Q2 guidance as respectable considering the state of the consumer. Guidance was decent, though certainly still pressured, as Etsy expects consolidated Q2 gross merchandise sales to be similar to, or potentially slightly better, than Q1’s on a year-to-year basis, the analyst tells investors in a research note. The firm added that it tweaked its price target lower on reduced estimates and a somewhat lower value for Reverb than previously marked.