Etsy initiated with a Buy at B. Riley

B. Riley initiated coverage of Etsy with a Buy rating and $100 price target. The analyst views Etsy’s “sizable and growing” customer base, large selection of differentiated goods, and platform investments positively for growth and profitability over the medium and longer term. The firm’s analysis of Etsy’s cohort data shows a positive trend in active buyer retention year-to-date, pointing to improving underpinnings of the user base and shopper engagement.