Analyst Bernie McTernan of Needham maintained a Buy rating on Etsy (ETSY – Research Report), retaining the price target of $60.00.
Bernie McTernan has given his Buy rating due to a combination of factors including Etsy’s better-than-expected adjusted EBITDA performance in the first quarter. This was primarily driven by improved take rates and margins, with gross merchandise sales (GMS) aligning with expectations.
Despite a projected decline in adjusted EBITDA margins and GMS for the second quarter, these trends are anticipated to meet buy-side expectations. The guidance suggests that the decline in GMS for the second quarter could be similar or slightly better than the first quarter, with macroeconomic factors playing a significant role in this outlook.
In another report released on April 28, Canaccord Genuity also maintained a Buy rating on the stock with a $72.00 price target.