Needham analyst Anna Andreeva upgraded Etsy to Buy from Hold with a $160 price target. The stock underperformed in 2022 as multiples contracted, but the company’s operating model is proving to be "sticky" exiting the pandemic, the analyst tells investors in a research note. Andreeva adds that with pandemic demand having been mostly lapped and sell side estimates being "in a good place", Etsy’s positive earnings revisions and multiple expansion should drive share upside from here.
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