Argus analyst Taylor Conrad upgraded Etsy (NASDAQ: ETSY) from Hold to Buy with a price target of $67.00.

The analyst comments "ETSY shares have outperformed over the past quarter, rising 29% compared to a gain of 7% for the S&P 500 index and a decline of 2% the Consumer Discretionary sector ETF IYC. • Metrics such as active buyers and growth in GMS (gross merchandise sales) per active buyer appear to be improving as the company benefits from personalization and machine learning initiatives. • We are encouraged by the improved metrics and the opportunities related to the company's implementation of AI."

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Shares of Etsy closed at $68.73 yesterday.