Details on why BTIG analyst Marvin Fong is downgrading Etsy (NASDAQ: ETSY).
Etsy, Inc.
(NASDAQ:ETSY), a leading global marketplace company, experienced a rating downgrade on Thursday, as BTIG shifted its investment stance to Neutral from Buy.
Analyst Marvin Fong stated that the adjustment occurred because the stock had exceeded its prior $78 price target by 10%, bringing the risk-reward into balance.
BTIG does not issue price targets on Neutral-rated stocks. • Etsy stock is showing weakness.
Why are ETSY shares declining?
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The company fell short of analysts estimates for revenue and gross merchandise sales in the fourth quarter.
Truist Securities pointed to rising revenue and monthly active users as catalysts that could boost Etsy shares 11% higher.
Shopify stock decline follows a Rothschild downgrade, a lower price target and renewed concerns over valuation and resistance.
Etsy said Josh Silverman will step down as CEO and be replaced by chief growth officer Kruti Patel Goyal.
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