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Fly News Breaks for October 31, 2019
Oct 31, 2019 | 08:48 EDT
Loop Capital analyst Laura Champine lowered her price target on Etsy to $70 after its in-line Q3 results, saying the company is "working through implementation" of its latest initiatives that included free shipping, Etsy Ads and the Reverb acquisition. The analyst's updated model calls for higher sales but diluted profitability due to the Reverb acquisitions, adding that while its promoted listings program should boost its flexibility to distribute "seller dollars", the promotional budgets for sellers are not growing yet. Champine still keeps her Buy rating on Etsy and recommends that investors buy the weakness given its long-term growth prospects.
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