Etsy price target raised to $70 from $60 at Loop Capital

Loop Capital raised the firm’s price target on Etsy to $70 from $60 and keeps a Hold rating on the shares. The analyst is adjusting its model to reflect its seller survey results, with the primary change being faster growth of services revenues. Loop sees under-penetration of offsite ads and Etsy ads, with only a third of sellers surveyed using offsite ads, and also sees the opportunity for Etsy to raise fees, with only half of sellers complaining about fees even in a period when their sales are declining, the firm tells investors in a research note.