Etsy price target raised to $95 from $75 at Guggenheim

Guggenheim raised the firm’s price target on Etsy to $95 from $75 and keeps a Buy rating on the shares, noting that the company has announced several cost actions over the past few weeks, including a 11% headcount reduction for the “core” ETSY marketplace team that was announced yesterday. When combined with divestiture of Elo7 earlier this year, the firm now expects Etsy to end 2023 with a headcount down about 14% year-over-year and relatively in line with year-end 2021 levels, the analyst noted. While the firm continues to expect minimal GMS and net revenue growth in 2024, it has increased confidence behind its outlook for adjusted EBITDA, the analyst added.