Etsy price target lowered to $140 from $153 at Evercore ISI

Evercore ISI analyst Shweta Khajuria lowered the firm’s price target on Etsy to $140 from $153 and keeps an Outperform rating on the shares. The firm is modestly lowering its 2023 GMS and EBITDA estimates and is "now modestly below the Street for both metrics" based on intra-quarter data points and industry resources that imply high-single digit percentage e-commerce growth for this year and next. While the firm keeps an Outperform rating on the shares, it believes Etsy "could be range-bound in the near-term" as Evercore doesn’t see any meaningful near-term catalysts that could result in re-rating opportunities or upward estimate revisions "over the next few quarters."