Oppenheimer lowered the firm’s price target on Etsy to $80 from $95 and keeps an Outperform rating on the shares. Ahead of earnings, the firm is conservatively lowering estimates to assume two-year GMS growth rates of -3%, -2%, -1%, 0% as there is no indication of momentum in key categories or Etsy traffic data. While broader e-commerce remains strong, Etsy categories remain weak, Oppenheimer says.
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