Etsy (ETSY) PT Raised to $56 at Citi

Citi analyst Nicholas Jones raised the price target on Etsy (NASDAQ: ETSY) to $56.00 (from $54.00) while maintaining a Neutral rating.

The analyst comments "We remain cautious on GMS trends as we look for insight into potential impacts from policy changes and evidence of a GMS turnaround. Etsy continues to face macro challenges around non-discretionary consumer spending, and we look to see how much of an offsetting impact management’s product/platform investments can drive. Those include the revamped search, loyalty program, and continued focus/evolution of Gift Mode. Investor sentiment remains cautious around Etsy’s GMS growth trajectory and its TAM opportunity, as we look for signals that Etsy can buck the trend and return to growth. We don’t expect material impact from policy changes yet, but with a lot of moving pieces they will likely be top of mind still, and we look to see if they are impacting management’s outlook. With new key management on board (CFO, President/CGO, CMO) we focus on whether there will be any strategic shifts in 2025, including greater investments."

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