Etsy attracts bull rating from Guggenheim

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Guggenheim analyst Steven Forbes assumed coverage on Etsy (NASDAQ:ETSY) with a Buy rating.

Forbes said the recent ramp in listings on the Etsy (ETSY) platform is an encouraging sign considering the macroeconomic backdrop.

He also noted that although Etsy’s (ETSY) growth trends for three-year gross merchandise sales appear to be stabilizing. Forbes pointed out that the implied compound annual growth rate remains well-above management’s historical target range of 16% to 20%.

That strong growth could also lead to upside to management’s +30% adjusted EBITDA margin target.

Guggenheim assigned a new price target on Etsy (ETSY) of $125. The 52-week trading range for Etsy (ETSY) is $67.13 to $307.75.