- Needham analyst Anna Andreeva initiated coverage of Etsy Inc ETSY with a Buy rating and $250 price target.
- The price target implies an upside of 29.6% at current levels.
- Andreeva considers Etsy as one of the best growth ideas in her coverage. She estimates over 20% gross merchandise sales growth over the long term and the scope to retain the record-high number of new users added to the platform in 2020.
- Andreeva estimates the recent Depop and Elo7 acquisitions to expand the company's total addressable market to include new attractive categories.
- Etsy acquired Depop in June for $1.625 billion. It acquired Elo7 for $217 million later in June.
- The stock gained 72% last year.
- Price action: ETSY shares traded higher by 0.58% at $194.01 on the last check Thursday.
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