Etsy price target lowered to $126 from $140 at Piper Sandler

Piper Sandler analyst Edward Yruma lowered the firm’s price target on Etsy to $126 from $140 and keeps an Overweight rating on the shares. Q2 was “largely in-line with our expectations” and Q3 GMS guidance at the midpoint is “nominally positive”, while active buyers was up 3% year-over-year. While the firm tweaks its estimates down “slightly,” it adds that it continues to “see signs that the business is turning the corner” and argues that improvements to the platform should help provide some degree of offset in what is likely to be a promotional Q4.