Oppenheimer Upgrades Etsy (ETSY) to Outperform

Oppenheimer analyst Jason Helfstein upgraded Etsy (NASDAQ: ETSY) from Perform to Outperform with a price target of $90.00.

The analyst comments: "Upgrading ETSY to Outperform (from Perform) & establishing $90 target on AI search benefits, product improvements, and app engagement/conversion. Regression of SimilarWeb website visits implies 3Q non-App buyers flat y/y vs. 2Q -3%, suggesting high-end of GMS guidance is achievable. Meanwhile, we are forecasting 2H Non-App GMS growth the same as 2Q, while conservatively assuming no improvement in App GMS on 2-year basis, despite clear product improvements. Our survey of 2,500 US consumers suggests product improvements are working, a strong competitive moat and less dependence on Google Search. Increasing FY26 GMS 1% (~Street high) and now forecasting +5% GMS growth in '27E/'28E, even with share loss within the online handmade market. Target based on 12x 2027E EBITDA a 10% discount to EBAY despite similar growth."

For an analyst ratings summary and ratings history on Etsy click here. For more ratings news on Etsy click here.

Shares of Etsy closed at $68.73 yesterday.

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