Etsy (ETSY) PT Raised to $150 at Needham & Company
Needham & Company analyst Rick Patel raised the price target on Etsy (NASDAQ: ETSY) to $150.00 (from $130.00) while maintaining a Buy rating.
The analyst commented, "Etsy’s outsized growth in 2Q and its 3QTD momentum give us confidence that it remains well-positioned to gain new customers and to drive loyalty to the platform. In our view, it’s not just because of favorable market conditions for digital or the uptick in mask demand; it’s also a function of new initiatives and the use of data & analytics to drive sharper execution with search algorithms, targeted marketing, and seller services. Etsy is also leaning more into saved searches and favorites which we see as the early stages of personalization that can drive even more platform loyalty. In our view, Covid is widening Etsy’s TAM beyond special/handmade items, enabling it to capture share in more traditional categories, and we expect this to continue. We raise our PT to $150 from $130 on higher ests. and strong momentum; Maintain Buy."