The bulls are making betting on an ex-unicorn from Brooklyn.
Etsy finished Friday on the Nasdaq, as shares of the company based in Brooklyn up a week saw two bullish calls at investment banks.
The RBC Capital Markets upgraded Etsy Thursday to achieve better performance, from the market, and to introduce new initiatives at the ecommerce site for free navigation, a new ad platform and the acquisition of Reverb in the Etsy music gear market.
“Over the past two months, Etsy has announced three initiatives that we believe could have a long-term positive impact on Etsy's Wall Street and business projections for next year and 2021, writing both Shweta Khajuria and Mark Mahaney. analysis by RBC Capital Markets, in a research note.
In other words, they wrote, “Etsy is becoming more special.”
In July, Etsy announced that it will help free shipping vendors guarantee on orders of more than $ 35, and later they received Reverb for $ 275 million. In the third quarter, the company launched Etsy Ads, a new tool for sellers, which the analysts expect with revenue.
Khajuria and Mahaney raised Etsy's price target about $ 5 too, to $ 68 per share.
Also, on Thursday, another investment bank rose already on Etsy's bullish prospects after Etsy disclosed new information about Reverb, according to Barron.
The analyst, Marvin Fong reiterated from BTIG, his purchase rating and he raised Etsy's price price to $ 79, noting that new numbers from Etsy could get smart acquisition. the company, ”according to the financial paper.
Wall Street, however, knows that Etsy is competitive from many parts of the retail world, from other e-commerce companies to traditional and specialty retailers, many of whom have RBC Capital Markets, “they are better capitalized.”
Etsy shares Friday closed at $ 60.41, about 10% higher than its Monday open price, making better than the major indexes for the week.