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Benzinga
Benzinga
Business
Anusuya Lahiri

Etsy Shares Gain On KeyBanc Upgrade

Etsy Depop Etsy Inc
  • KeyBanc analyst Edward Yruma upgraded Etsy Inc (NASDAQ:ETSY) to Overweight from Sector Weight with a $200 price target, suggesting an upside of 22.6%.
  • The analyst believes Etsy has some of the most compelling long-term secular growth opportunities in his coverage and that management set guidance reasonably for Q4. 
  • His firm's Key First Look Data has pointed to stable to improving quarter-over-quarter trends. 
  • Longer-term, Yruma is "increasingly constructive" on continued increases in habitual buyers and potential TAM expansion via Depop.
  • Etsy operates two-sided online marketplaces that connect millions of buyers and sellers worldwide.
  • Price Action: ETSY shares traded higher by 2.73% at $167.60 in the premarket session on the last check Thursday.
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