Truist analyst Youssef Squali lowered the firm’s price target on Etsy to $125 from $150 but keeps a Buy rating on the shares ahead of the company’s Q1 results next week. The firm’s proprietary credit card data analysis suggests that Etsy’s gross merchandise sales were in-line or slightly below consensus for the quarter and April-to-date findings also suggest some softness in the U.S., but comps for May-June are expected to get easier, the analyst tells investors in a research note. Truist adds that Q1 results and Q2 outlook should show that Etsy continues to retain most of the gains achieved during the pandemic.
Published first on TheFly
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