Guggenheim, Needham Bullish on Etsy—Read Why

By Benzinga
Benzinga
Benzinga
November 23, 2021 Updated: November 24, 2021

Analysts hailed Etsy Inc for bumping up price targets and bullish ratings.

Guggenheim analyst Seth Sigman initiated coverage of Etsy with a Buy and $330 price target, implying a 16 percent upside.

The analyst launched coverage on direct-to-consumer e-commerce stocks and is positive on the group entering fiscal 2022.

Online channel share gains should reaccelerate early next year after months of declines, and normalizing consumer spending growth may be good for the stocks.

For Etsy, the analyst has a favorable view of its marketplace model and its ability to be “significantly larger” and more profitable over time.

Needham analyst Anna Andreeva raised the price target on Etsy to $325 from $265, implying a 14 percent upside, and maintained a Buy after hosting investor meetings with the company’s management team.

Investments in marketing are driving inflection in retention and frequency, while the supply chain advantage of the model is driving share gains in this environment.

Price Action

Etsy shares closed 0.10 percent higher at $279.53 on the last check Tuesday.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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