Etsy initiated with a Buy at Citi

Citi analyst Ygal Arounian initiated coverage of Etsy with a Buy rating and $161 price target. The analyst launched coverage of 16 internet companies. While the macro environment is likely to continue to pressure the consumer which has impacts across the group, share performance and downward estimate revisions already reflect a challenging macro, Arounian tells investors in a research note. With multiples "still near troughs in many cases," the analyst likes the risk/reward for the space in 2023.