Etsy price target lowered to $82 from $90 at BofA

BofA analyst Curtis Nagle lowered the firm’s price target on Etsy to $82 from $90 and keeps a Neutral rating on the shares. Q4 revenue and EBITDA beat the Street view, driven by improving month-over-month trends, though Etsy guided Gross Merchandise Sales, or GMS, down low-single digits for Q1, reflecting recovery in the back-half of the quarter after a soft January. The firm is lowering GMS estimates for Q1 and FY24 slightly given the weaker outlook.