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Deutsche Bank Starts Etsy (ETSY) at Hold

March 10, 2022 5:16 PM EST
Get Alerts ETSY Hot Sheet
Price: $100.13 -1.37%

Rating Summary:
    20 Buy, 12 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 4 | New: 31
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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."

For an analyst ratings summary and ratings history on Etsy click here. For more ratings news on Etsy click here.

Shares of Etsy closed at $144.72 yesterday.



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