Etsy price target lowered to $85 from $105 at Evercore ISI

Evercore ISI lowered the firm’s price target on Etsy to $85 from $105 and keeps an Outperform rating on the shares. Following survey work, the firm’s very near-term view remains unchanged and it contends that Etsy could “remain range-bound at depressed levels.” Though the firm’s mid-to-long term view is “more optimistic,” Evercore is lowering its Q4 and FY24 GMS and EBITDA estimates with discretionary spending under pressure.