Etsy Inc (NASDAQ:ETSY) is trading higher Thursday following bullish analyst coverage from Keybanc.
Keybanc analyst Edward Yruma upgraded Etsy from a Sector Weight rating to an Overweight rating and announced a $200 price target.
Yruma highlighted Etsy's compelling long-term secular growth opportunities and noted that management provided reasonable guidance for the fourth quarter, suggesting that Etsy could exceed estimates in its upcoming earnings report.
The Keybanc analyst believes the firm's data points to improving quarter-over-quarter trends. Yruma is "increasingly constructive" on continued increases in habitual buyers and potential TAM expansion as a result of the company's Depop acquisition last year.
Etsy operates an e-commerce platform that focuses on connecting buyers and sellers to exchange vintage and craft goods.
See Also: Etsy Shares Gain On KeyBanc Upgrade
ETSY Price Action: Etsy has traded as low as $153.80 and as high as $307.75 over a 52-week period.
The stock was up 3.96% at $169.60 at time of publication.
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