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.