Roth Capital analyst Darren Aftahi lowered his price target for Etsy to $59 from $76 and maintained a Buy rating following the company's Q3 results. While the results were mostly in-line, Aftahi tells investors in a research note that growth overall continues to decelerate despite an acceleration in many metrics. He notes that Etsy's core business is facing about 100-200bps in headwinds, some of which could possibly be mitigated over time, and that while the core outlook has moderated, he thinks the early stages of many initiatives leave room for better optimization and could help offset some of the current headwinds.