Etsy Is ‘Caught Between Maintaining Margins And Spurring Growth,’ 6 Analysts Dive Into Q1 Results
Shares of Etsy Inc (NASDAQ:ETSY) tanked in early trading on Thursday, after the company reported downbeat results for its first quarter.
Here are some key analyst takeaways from the release.
- Goldman Sachs analyst Eric Sheridan maintained a Neutral rating, while reducing the price target from $80 to $70.
- Truist Securities analyst Youssef Squali reaffirmed a Buy rating, while cutting the price target from $85 to $75.
- Wedbush analyst Seth Basham reiterated a Neutral rating, while slashing the price target from $70 to $65.
- Oppenheimer analyst Jason Helfstein maintained an Outperform rating, while cutting the price target from $80 to $75.
- Needham analyst Anna Andreeva reaffirmed a Buy rating, while reducing the price target from $95 to $75.
- KeyBanc Capital Markets analyst Ashley Owens reaffirmed a Sector Weight rating on the stock.
Check out other analyst stock ratings.
Goldman Sachs: Etsy’s first-quarter operating performance disappointed, with Etsy Marketplace GMS (gross merchandise sales) down 5.6% year-on-year ex-foreign exchange, “despite marketing intensity stepping-up in the quarter with mgmt. highlighting that trends did not improve as expected in March,” Sheridan said in a note.
Management guided to Consolidated GMS declining by 4% year-on-year in the second quarter, “as the sustained pressure on discretionary consumer spending is expected to continue to outrun the positive contribution of recent marketing campaigns and product launches,” the analyst wrote. “We now model 2024 GMS -3% YoY …
Full story available on Benzinga.com
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