Stifel Nicolaus analyst Scott Devitt upgraded Etsy Inc (ETSY) to Buy today and set a price target of $70. The company’s shares closed last Monday at $54.25.
Devitt said:
“We are upgrading shares of and retaining our $70 target price. Since Etsy reported second quarter results in early August, shares have declined by ~20% (versus the S&P down ~1%). While GMS exceeded expectations in the quarter, revenue came in slightly below estimates due to lower-than-expected seller services revenue. Also, more short-term-oriented momentum investors may have exited positions as the company comps its price increases beginning in 3Q:19. We think concerns are transitory and would take advantage of the pullback in this emerging leader in 3P eCommerce. Our note summarizing 2Q:19 results can be found here.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 20.7% and a 68.3% success rate. Devitt covers the Technology sector, focusing on stocks such as Uber Technologies Inc, Jumia Technologies AG, and Eventbrite Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Etsy Inc with a $74.91 average price target.
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Etsy Inc’s market cap is currently $6.37B and has a P/E ratio of 63.41. The company has a Price to Book ratio of 14.76.
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Etsy, Inc. engages in the management of an online marketplace. It operates a technology platform which allows sellers to manage and scale their business. The company offers handmade products such as shoes, clothing, bags, and accessories. It operates through the United States and International geographical segments.
