Etsy price target lowered to $60 from $70 at Wells Fargo

Wells Fargo lowered the firm’s price target on Etsy to $60 from $70 on lower peer multiples, while keeping an Underweight rating on the shares. The firm notes that top-down analysis suggests reasonably possible Etsy returns to 10% GMS growth in 2024, but likely at the cost of 300bps EBITDA margin investment. Wells says it could get constructive on shares around a “last cut” to numbers, but it believes that is likely one quarter early.