Etsy (ETSY) PT Lowered to $51 at Stifel
Stifel analyst Mark Kelly lowered the price target on Etsy (NASDAQ: ETSY) to $51.00 (from $56.00) while maintaining a Hold rating.
The analyst comments "4Q24 GMS/Revenue fell short of expectations, but EBITDA margins were ahead of the Street/ guidance. The 1Q25 outlook was also below, with GMS declines on par with 4Q24 despite easier comps to start 2025. Depop/non-core GMS was a source of strength in 4Q24, which is likely to carry into 2025, and management outlined reasons to believe the 2H25 will be better than 1H25 as comps ease, and as internal priorities shift back to near-term GMS growth (commenced in January), rather than on longer-term initiatives. We imagine shares will remain under pressure in the near term, as similar sentiments from management this time last year did not quite materialize (although the messaging and priorities did shift mid-2024); we remain Hold-rated, revise our estimates lower, and adjust our target price to $51."