Etsy price target raised by $2 at Wells Fargo, here’s why

Wells Fargo raised the firm’s price target on Etsy to $59 from $57 and keeps an Underweight rating on the shares. The firm notes Etsy has announced a 225 employee reduction, while modestly increasing Q4 GMS midpoint and EBITDA margin guidance. Wells applauds proactive decision to protect 2024 margins, but remains Underweight-rated pending line of sight on improved GMS trends.