Etsy price target raised to $140 from $120 at JMP Securities

JMP Securities analyst Nicholas Jones raised the firm’s price target on Etsy to $140 from $120 and keeps an Outperform rating on the shares. The company’s upper funnel trends have remained resilient despite declining savings rates and recessionary fears, though over the near term, additional investment in the long-term growth of its subsidiaries, technology investments, and its international expansion strategy could weigh on its margins, the analyst tells investors in a research note. JMP adds that the price target increase is driven by Etsy’s comp group multiple expansion and notes that the stock’s multiple is reverting amid potentially stabilizing macro conditions.