Etsy price target lowered to $65 from $80 at Deutsche Bank

Deutsche Bank analyst Lee Horowitz lowered the firm’s price target on Etsy to $65 from $80 and keeps a Hold rating on the shares. Heading into the Q1 e-commerce earnings season, the firm sees a “fairly constructive” spending backdrop with accelerative sales data in February, given the benefits of an extra day and less weather-related disruptions, and March growth that should be supported by a later tax-refund season. The firm expects industry growth rates to remain healthy into April, supporting constructive-to-stable Q2 growth outlooks relative to the Q1. Deutsche remains most constructive on Amazon (AMZN) and eBay (EBAY) heading into the prints, remains bullish on Wayfair (W) long-term but is concerned around some of the near-term trends, and struggles to chart a path toward improving growth at Etsy (ETSY) for the time being.