Etsy (ETSY) survey suggests shoppers more active on the platform - BTIG
- Wall St rallies as Fed's Powell nods to easing inflation after rate hike
- Meta Platforms shares surge 17% on Q4 revenue beat while profits fall 55%
- Fed's Powell says could raise rates beyond December, gives nod to disinflation
- Fed hikes by 0.25% in further downshift on tightening, but sees more hikes ahead
- AMD shares rise after Q4 report that beat expectations for revenue, EPS
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
BTIG analyst Marvin Fong raised the firm's price target on Etsy (NASDAQ: ETSY) to $137 from $119 and maintained a Buy rating on the stock in a note on Thursday.
The analyst said a post-Black Friday survey suggests shoppers are more active on Etsy than even they expected to be, while there are "overall positive trends."
"Over the past few days we conducted a snap survey of over 200 active Etsy shoppers to get a feel for how Etsy performed through Black Friday Weekend (BFW) as well as to gauge shopper intentions for the balance of the Holidays. An interesting aspect of our survey is we surveyed these same Etsy buyers in early October, so we can compare how our shoppers' actual behavior compares to their prior intentions. The upshot is shoppers are signaling they will buy more on etsy.com than they indicated in Oct," wrote Fong.
The analyst also said that the survey group expects to spend 18% more than they did in Holiday 2021, another encouraging sign, although there is no guarantee they will spend that much.
"We are by no means suggesting Etsy's company-wide GMV will come in at +18% y/y. Indeed, ETSY guided the core marketplace to decline HSD in 4Q22. Having said that, we are nudging up our 4Q22 GMV estimate by about 1% but remain in the range of a HSD decline for core Etsy. When we triangulate our findings with generally better-than-expected overall online spending over BFW, we believe ETSY is tracking well relative to GMV guidance of $3.6-$4.0B," the analyst concluded.
By Sam Boughedda
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Several positive 2023 catalysts can boost TransUnion (TRU) valuation - BofA
- End of a bear market? Why S&P 500 could fail to make a new low - Citi
- BofA's top indicator projects S&P 500 at 4700 over the next 12 months
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot List
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!