Why Etsy Stock Is Soaring Today

ETSY got an upgrade from Goldman Sachs

Etsy stock got a boost on Friday following an upgrade from a Goldman Sachs analyst.

Why Etsy Stock Is Soaring Today
Source: Shutterstock

Goldman Sachs analyst Heath Terry gave Etsy (NASDAQ:ETSY) an upgrade on Friday that is good news for ETSY stock. This upgrade has the analyst increasing the company’s stock from a “Neutral” rating to its new “Buy” rating.

The good news for Etsy stock doesn’t stop at just a rating upgrade for it. The Goldman Sachs analyst also increased their price target for the stock. This new price target for the stock is $54. The previous price target for ETSY stock was $46.

The upgrade to Etsy stock makes sense. 2018 performance from the company was strong after increasing the fee it collects from sellers on the platform. It is also making efforts to better invest in its own business to help it grow, reports Benzinga.

That increased price target for Etsy is also a logical step forward from Goldman Sachs. The previous target price of $46 was already reached by the company over the last few months. The price of the stock has fluctuated above and below this price target. This includes ETSY stock sitting at $46.03 when the markets closed on Thursday.

One of the more impressive feats that Etsy was able to achieve in 2018 was fending off rival online retailer Amazon (NASDAQ:AMZN). Amazon launched its own creative store called Amazon’s Handmade, but it was unable to compete with ETSY.

ETSY stock was up 9% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/01/why-etsy-stock-is-soaring-today/.

©2019 InvestorPlace Media, LLC