Bank of America upgraded Etsy to Buy and raised its price target to $105 from $88, sending shares higher Thursday. The new target implies roughly 30% upside from Wednesday's close, with analyst Michael McGovern arguing recent growth is becoming more structural than temporary. BofA raised its fiscal 2027 gross merchandise sales growth estimate to 4.5% from 3.0%, and now expects EBITDA of $912 million, above the Street's $899 million estimate, with non-GAAP net income of $676 million versus consensus of $652 million. The bank also sees the sale of Depop giving Etsy roughly $1 billion of additional capital-return flexibility.
Etsy, Inc.Upgraded to Buy with price target raised to $105, citing structural growth and higher estimates.
Bank of America CorpSale of Depop mentioned as providing Etsy capital-return flexibility, indirectly positive for Depop.
