Latest Videos

{{ currentStream.Name }}

Related Video

Continuous Play:
ON OFF

The information you requested is not available at this time, please check back again soon.

More Video

Jun 23, 2020

Etsy climbs after Goldman touts ‘significant opportunity’

Notable Calls: Chartwell Retirement, Etsy and Tesla

VIDEO SIGN OUT

Security Not Found

The stock symbol {{StockChart.Ric}} does not exist

See Full Stock Page »

Etsy Inc. shares climbed as much as 7.9 per cent Tuesday, extending a recent move into record levels, as analysts grow more optimistic about the e-commerce company’s long-term prospects.

Known for its vintage and handmade goods, Etsy received two sizable price target increases, one from Goldman Sachs Group Inc., which now has the Street-high view of US$120, up from US$88.

Etsy has a “significant opportunity to capitalize on the surge in e-commerce adoption as traditional retail remains less attractive to consumers” during the pandemic, Goldman analyst Heath Terry said in a note, reiterating his buy rating. Pointing to data showing “constructive” download trends for Etsy’s app, he said there was “meaningful” room for consensus estimates to increase.

Shares of Etsy have more than tripled from a March low and are trading at record levels. The stock is up more than 130% this year, compared with a gain of 14% for the Nasdaq Composite Index.

The stock is on track for its eighth straight positive session, its longest winning streak since June 2019.

Also on Tuesday, RBC Capital Markets raised its target to US$117 from US$79, touting Etsy’s “sustainably healthy growth and profitability levels.” The firm has an outperform rating on the stock, and said that its recent rally was “justified.”

Due largely to the pandemic forcing the closures of brick-and-mortar competitors, gains like Etsy’s have been seen across the e-commerce space in recent months. Analysts have said the increased demand for shopping online -- which Baird estimated could represent a US$200 billion annual tailwind -- could be a permanent shift in consumer behavior.

Wayfair Inc., Amazon.com Inc., EBay Inc., Shopify Inc. and Overstock.com Inc. are also among the names seeing higher demand and share-price rallies.

Top Stories