Etsy reinstated with a Buy at Needham

Needham reinstated coverage of Etsy (ETSY) with a Buy rating and $60 price target While Etsy has not been able to avoid the broader macro drag impacting consumer spending on goods, its investments in search and discovery set the company up well to grow off its consumer wallet share gains since the pandemic, the analyst tells investors in a research note. The firm thinks Etsy should be able to leverage machine learning and its scale to improve its marketplace.