Etsy Stock Falls Sharply on Lower Guidance and Margins

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  • #22370
    Super Harley
    Participant

    Etsy reported third-quarter earnings after the market Wednesday…

    [article]1803[/article]

    #22653
    Super Harley
    Participant

    Etsy Inc. (NASDAQ: ETSY) downgraded to Underweight from Equal Weight at Morgan Stanley.

    Morgan Stanley downgraded the e-commerce website company and said it sees slowing gross merchandise sales.

    “While we like ETSY’s business model and competitive moat it has established, we now anticipate slowing core gross merchandise sales growth to result in negative top-line and EBITDA revisions, likely leading to additional multiple compression, despite the -25% QTD move (vs. the S&P +5%). We are lowering our 2020 EBITDA estimates by 5% as the headwinds we previously laid out in our bear case scenario now appear more likely to be the base case.”

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