Etsy price target lowered to $90 from $108 at BTIG

BTIG lowered the firm’s price target on Etsy to $90 from $108 but keeps a Buy rating on the shares. The analyst states that despite the pervasive sense of dread permeating throughout retail, the firm’s clickstream data suggests the company will hit its guidance for Q3 Gross Merchandise Volume, or GMV, of $2.95-$3.1B. The firm warns however that the Street may again be too high on Etsy’s forward quarter and moves its estimates down to $3.94B in Q4 GMV from $3.96B previously, with the difference entirely due to the strengthening in the dollar since the last model update.