Etsy could be facing some European sales pressure – Oppenheimer

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Oppenheimer pulled back on expectations for Etsy (NASDAQ: ETSY) with a price target cut to $ 175 from $ 215.

Analyst Jason Helfein said 3P data suggests weakening March gross merchandise sales for the online retailer.

Helfein said that it is unclear if the GMS drop is due to weakness in Europe, US or both. He noted that ETSY generates 32% of revenue from Europe, among the highest in the firm’s coverage. “Economists have recently reduced Europe’s GDP forecasts from 7.5% to 2.0%, with Eurozone facing increasing commodity prices and inflation,” warned Helfein.

Oppenheimer kept an Outperform rating on Etsy (ETSY) in place with the PT still implying big upside from the current trading price.

Etsy (ETSY) dipped 0.12% in premarket trading to $ 112.82 vs. the 52-week trading range of $ 109.38 to $ 307.75.

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