Online marketplace Etsy ETSY.N falls about 4% to $82.71 premarket after brokerage BTIG downgrades the stock to "neutral" from "buy".
BTIG says the stock exceeded its prior $78 price target by 10%, and that the strong run has left the valuation fair, with limited upside from current levels.
The brokerage said some of the company’s recent outperformance was helped by short covering and rotation out of AI stocks, despite fundamental improvement.
10 out of 31 brokerages rate the stock "buy" or higher, 20 rate it "hold" and one rates it "sell"; their median price target is $75, according to data compiled by LSEG.
Up to the last close, the stock was up nearly 55% year to date.
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