Etsy Downgraded To Neutral From Buy At BTIG

Image result for Etsy

BTIG analyst Marvin Fong downgraded Etsy (ETSY) to Neutral from Buy saying the shares have reached his prior price target of $67.

The current stock price embeds a "fair amount of future improvement," which yields a risk/reward that is balanced, Fong tells investors in a research note. He would become more constructive on the shares "should a more attractive entry point emerge." Further, Fong notes that at yesterday's analyst day, Etsy issued long-term gross merchandise sales growth guidance that was in-line or better than expectations while attendant revenue growth was more measured versus expectations.

The stock closed yesterday down 4%, or $2.80, to $67.24. 
 

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.