Analysts lower targets for Etsy Inc. (ETSY:NSD) after earnings

Etsy Inc.

Etsy Inc Stock Forecast:

Based on a forecast from 26 analysts, the average target price for Etsy Inc’s stock over the next 12 months is USD 116.33. The average analyst rating for the company is not available. Stock Target Advisor‘s own analysis suggests a slightly bullish outlook, based on 8 positive signals and 6 negative signals. As of the last closing, Etsy Inc’s stock price was USD 98.97, which has changed by +1.22% over the past week, -8.58% over the past month, and -1.56% over the past year.

Etsy Earnings News:

Etsy Inc. announced its Q1 2023 financial results on Wednesday, May 3rd. The company reported net revenues of $640.9 million, exceeding the market consensus of $622.1 million. This figure represents a 10.6% increase from the same quarter last year. The company’s earnings per share (EPS) were $0.98, which was in line with market expectations.

Etsy’s active buyers grew by 5.5% YoY to 97.9 million, while its active sellers increased by 14.7% YoY to 5.8 million. These figures indicate the growing popularity of the platform among buyers and sellers.

Despite the positive revenue growth, the company’s consolidated gross merchandise sales (GMS) decreased by 4.6% YoY to $3.1 billion in Q1 2023. This key industry metric reflects the total value of merchandise sold on Etsy’s platform. The decline in GMS can be attributed to the pressure on consumer spending, especially for lower household income buyers, who have been hit hard by the pandemic-induced economic downturn. Moreover, some larger categories, such as home and living, and craft supplies, witnessed year-over-year declines.

The company has provided a modest revenue forecast for Q2 2023, which is between $590 million and $640 million. This outlook is lower than what analysts had expected, which was $625.4 million.

Analysts Coverage Change:

  • Oppenheimer & Co. lowers the target on Etsy Inc. to $150 from $155.
  • Evercore ISI lowers their target to $120 from $140.
  • Barclays lowers their target to $98 from $100.
  • Loop Capital Markets lowers their target to $105 from $125.

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