Etsy price target lowered to $83 from $91 at B. Riley

B. Riley lowered the firm’s price target on Etsy to $83 from $91 and keeps a Buy rating on the shares. The company’s Q1 results were in line with expectations, but a merchandise sales recovery is taking longer than expected, causing the Q2 outlook to be modestly below consensus, the analyst tells investors in a research note. With the stock trading at 14-times estimated 2024 EBITDA and an active share repurchase program, the firm continues to find Etsy’s risk/reward attractive.