Etsy upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Deepak Mathivanan upgraded Etsy to Outperform from Peer Perform with a $100 price target. The shares have underperformed peers year-to-date and there are plenty of near-term uncertainties due to the weakening macro environment, the analyst tells investors in a research note. However, the firm sees “many paths” for Etsy shares to outperform over the next 12-18 months. A recovery in discretionary spending when the macro improves in fiscal 2024 should accelerate the company’s EBITDA growth from current levels, contends Wolfe. The firm finds the stock’s risk/reward attractive at current levels.