Etsy price target lowered to $75 from $80 at Bernstein

Bernstein analyst Nikhil Devnani lowered the firm’s price target on Etsy to $75 from $80 and keeps a Market Perform rating on the shares following quarterly results. The firm acknowledges that “it’s hard to grow right now,” but Etsy has shown that it is gaining share vs. the pureplays and holding share vs. large mass merchants on a category-adjusted basis. That’s the good news. The bad news, says Bernstein, is that the headwinds to growth — macro and competition — are persisting.