Deutsche Bank Starts Etsy (ETSY) at Hold
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Deutsche Bank analyst Leo Horowitz initiates coverage on Etsy (NASDAQ: ETSY) with a Hold rating and a price target of $145.00.
The analyst comments "We initiate coverage on ETSY with a Hold rating and a $145 price target. While we are bullish on the long-term secular trends underlying Etsy’s business model, we believe that near-term user and GMS estimates are not properly capturing reopening headwinds / typical Etsy buyer churn dynamics. Etsy, has nearly doubled its user base since the start of COVID, and we think that the natural churn dynamics of these new users are likely to weigh on GMS and revenue numbers in 2022/23. Given the risk we see to top line numbers, coupled with shares that are trading at a premium to e-commerce peers on a EV/GP basis, we do not believe that the risk/reward is positively skewed at current levels."
Shares of Etsy closed at $144.72 yesterday.
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