Etsy price target raised to $103 from $90 at Piper Sandler

Piper Sandler analyst Edward Yruma raised the firm’s price target on Etsy to $103 from $90 and keeps an Overweight rating on the shares. The firm believes Etsy continues to execute well in a difficult environment for discretionary. Importantly, Etsy emphasized its new Gift Mode, which points to its focus on reaccelerating GMS growth in spite of a still difficult discretionary environment. A sharper focus on capital return and ongoing expense/marketing discipline underscores a focus on driving better financial results, Piper. While timing of an inflection in GMS remains uncertain, the firm thinks product improvements and a potentially more favorable discretionary environment should drive better results over the next 12-18 months.