1 Wall Street Analyst Thinks Etsy Stock Is Going to $55. Is It a Sell Around $67?
We're barreling through earnings season, and soon we'll be learning how (NASDAQ: ETSY) performed in its most recently completed quarter.
In an instance of interesting timing, one analyst got notably more bearish about prospects for the handmade-goods website operator. In fact, he knocked his recommendation down a peg while chopping his price target on the stock. Here's why he has soured on the company.
Just two weeks away from Etsy's scheduled first-quarter earnings release, Morgan Stanley's Nathan Feather downgraded his recommendation on Etsy stock to underweight (read: sell) from his previous rating of equal weight (hold). He underscored this with an assertive cut in his price target, to $55 per share from $64. The stock recently traded at about $67.
Source Fool.com