ETSY - Is Etsy Stock Going to $60? 1 Wall Street Analyst Thinks So
2024-04-04 09:05:28 ET
Online marketplace Etsy (NASDAQ: ETSY) is struggling to grow in the post-pandemic world. Wells Fargo analyst Ken Gawrelski became a bit more pessimistic on Thursday, maintaining his underperform rating and dropping his price target for the stock from $62 to $60. This new price target represents a potential downside of about 8% over the next 12 months or so.
Etsy gained customers during the pandemic as consumers shifted spending online and sought out the unique and (often) handcrafted items offered by Etsy's sellers. While Etsy has doubled the number of active buyers on its platform since 2019, growth has now ground to a halt.
Gross merchandise sales (GMS) across all of Etsy's platforms was $13.2 billion in 2023, down 1.2% year over year. The company managed to grow revenue by 7% thanks to higher fees and growth in advertising sales, but last year was the second year in a row that GMS slumped. This metric was down about 4% in 2022.
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Is Etsy Stock Going to $60? 1 Wall Street Analyst Thinks So