UPDATE: KeyBanc Upgrades Etsy (ETSY) to Overweight
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KeyBanc analyst Edward Yruma upgraded Etsy (NASDAQ: ETSY) from Sector Weight to Overweight with a price target of $200.00.
The analyst comments "Etsy has some of the most compelling long-term secular growth opportunities in our coverage, and our April 25 downgrade of ETSY to Sector Weight was predicated on increasingly difficult sales and margin comparisons. We are largely through this period (1Q22 will have the toughest comparison) and we believe management set guidance reasonably for 4Q21. Our Key First Look Data has pointed to stable to improving q/q trends. Longer term, we are increasingly constructive on continued increases in habitual buyers (8M as of 3Q21) and potential TAM expansion via Depop."
Shares of Etsy closed at $163.14 yesterday.
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