Fly News Breaks for October 31, 2019
Oct 31, 2019 | 08:25 EDT
Needham analyst Rick Patel lowered his price target on Etsy to $64 after its in-line Q3 results and narrowed FY19 adjusted EBITDA margins, noting that his concerns with the company's free shipping push and risks related to state taxes factored into the company's revisions. The analyst adds that the company will not reach EBITDA breakeven until the end of 2020 despite the continued "impressive" growth of GMS and buyer count. Patel still keeps his Buy rating on Etsy stock and sees its "key performing indicators" around buyers and GMS per active buyer remaining healthy.
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