Etsy initiated with a Hold at Stifel

Stifel analyst Mark Kelley initiated coverage of Etsy with a Hold rating and $64 price target. The analyst views Etsy as one of the most unique online marketplaces, with items that are largely difficult to find elsewhere. The company has a total addressable market that has broadened over time with the acquisitions of Reverb and Depop, the analyst tells investors in a research note. However, the firm sees “some items to monitor,” saying habitual buyer trends have waned somewhat and average order values have been flat to down. Stifel is also a bit concerned about discretionary spend as we exit 2023 and enter 2024.