Etsy (NASDAQ:ETSY) stock is getting a boost on Tuesday following an upgrade from Piper Sandler analyst Edward Yruma.
Piper Sandler upgraded shares of ETSY stock from a “neutral” rating to an “overweight” rating. To put that in perspective, the analyst consensus rating for ETSY shares is “moderate buy.” That comes from 23 analysts’ opinions on the e-commerce company’s stock.
In addition to that upgrade, Yruma increased his price target for ETSY stock from $135 per share to $140 per share. That represents a potential 29% upside over its closing price on Monday. The target also comes in above the consensus price target of $132.75 per share.
Why the Bullish Stance on ETSY Stock?
Here’s what the Piper Sandler analyst had to say about ETSY stock in a note to clients obtained by CNBC:
“While we acknowledge that macro conditions remain pressured and consumer spending may be tipping to the downside, we believe ETSY has growth company characteristics at a GARP valuation.”
ETSY trading is strong today with some 1.7 million shares on the move. That’s not bad compared to the company’s daily average trading volume of about 3.2 million shares. With that movement comes a 4.4% increase in the stock price as of Tuesday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock market happenings worth reading about on Monday! That includes why shares of Virgin Orbit Holdings (NASDAQ:VORB), AMC Entertainment (NYSE:AMC) and Nogin (NASDAQ:NOGN) stock are moving this morning. You can find more on these matters at the links below!
More Tuesday Stock Market News
- VORB Stock Alert: Virgin Orbit Files for Chapter 11 Bankruptcy Protection
- AMC Stock Craters Following APE Conversion Settlement
- Why Is Nogin (NOGN) Stock Down 61% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
