Etsy price target lowered to $60 from $67 at Citi

Citi lowered the firm’s price target on Etsy to $60 from $67 and keeps a Neutral rating on the shares. The company reported Q3 results solidly ahead of expectations but macro trends softening through October led to lower-than expected Q4 gross merchandise sales guidance, the analyst tells investors in a research note. The firm says “there’s not a ton of visibility into the holiday season right now” and management expects a heighted promotional environment. It remains the sidelines and looks for better trends.