Etsy price target lowered to $70 from $90 at Oppenheimer

Oppenheimer analyst Jason Helfstein lowered the firm’s price target on Etsy to $70 from $90 and keeps an Outperform rating on the shares on valuation at 12-times 2024 EBITDA, as weakness within consumer discretionary and aggressive marketing by online platforms weighing on outlook. Despite gaining share within key categories, Etsy is losing share overall to “value” retailers amid weakness in lower-income cohorts, Temu/Shein on more aggressive marketing, Oppenheimer says.