In a remarkably confident call, Brean Capital analyst Tom Forte recommended buying shares of Etsy Inc (NASDAQ:ETSY), as he expects strong earnings results on Tuesday, August 4, 2015. It will mark Etsy’s second earnings call since its April 16th, 2015 IPO. In his research note today, the analyst reiterated a Buy rating and 12-month price target of $23, which implies an upside of 26% from current levels
Forte wrote, “Etsy operates a global e-commerce marketplace for unique merchandise (including handcrafted and vintage) boasting 54.0MM members, 20.8MM active buyers, 1.4MM active sellers, 30MM unique goods, and $1.9B in gross merchandise sales (GMS) in 2014. The company has built a marketplace with craft, community, and long-term thinking as its foundation for consumers seeking unique products and who appreciate the opportunity to purchase directly from and interact with the manufacturers and sellers passionate about their differentiated products.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Tom Forte has a total average return of -22.8% and a 23.5% success rate. Forte has a -9.2% average return when recommending ETSY, and is ranked #3695 out of 3717 analysts.