Needham Initiates Coverage On Etsy, Sees 30% Upside

July 8, 2021 10:50 AM | 1 min read | Make a Comment

Needham analyst Anna Andreeva initiated coverage of Etsy Inc ETSY with a Buy rating and $250 price target.
The price target implies an upside of 29.6% at current levels.
Andreeva considers Etsy as one of the best growth ideas in her coverage. She estimates over 20% gross merchandise sales growth over the long term and the scope to retain the record-high number of new users added to the platform in 2020.
Andreeva estimates the recent Depop and Elo7 acquisitions to expand the company's total addressable market to include new attractive categories.
Etsy acquired Depop in June for $1.625 billion. It acquired Elo7 for $217 million later in June.
The stock gained 72% last year.
Price action: ETSY shares traded higher by 0.58% at $194.01 on the last check Thursday.