Etsy pullback creates buying opportunity, says Jefferies ETSY

Jefferies analyst John Colantuoni noted that Etsy shares are down 18% since early August, which he sees having created an “attractive” buying opportunity given that he believes recent traffic and search trends suggest another beat is coming from the company when it reports Q3 results. His check point to elevated top-line growth that “remains unabated,” which supports his view that the pandemic has driven a permanent uplift in online consumption, Colantuoni tells investors. The analyst, who has raised his Q3 Gross Merchandise Sales estimate to 2% above the high-end of guidance, keeps a Buy rating and $163 price target on Etsy shares.

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