Canaccord lowered the firm’s price target on Etsy (ETSY) to $76 from $105 and keeps a Buy rating on the shares. The firm said they reported mixed Q4 results, with active buyers, GMS, and revenue coming in below expectations but take rate and profitability ahead of consensus estimates. Canaccord said there appears to be a lot of negative sentiment factored into the share price, and investor confidence could improve meaningfully if consumer discretionary spending shows early signs of improvement and growth initiatives start to have a more material uplift on GMS.
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