Jefferies Reiterates Buy Rating on Etsy (ETSY) Ahead of Earnings as Traffic Growth Accelerated
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Jefferies analyst John Colantuoni reiterated a Buy rating and $245.00 price target on Etsy (NASDAQ: ETSY) ahead of earnings.
He stated "Traffic on ETSY's marketplace grew 87% in Q4, an 18%/40% acceleration from 69%/47% growth in Q3/Q2. This suggests there is upside to 4Q20 consensus GMS, which is calling for a 20% sequential deceleration to 81% growth (excludes Reverb). In addition, traffic growth in January was roughly consistent with Q4 at 84%, while Google search trends accelerated to the highest level since July. The fact that traffic accelerated on already elevated levels during the key holiday season supports our view that e-commerce consumption has permanently increased and ETSY is a primary beneficiary given its strong presence in home nesting categories".
Shares of Etsy closed at $214.50 yesterday.
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