While the year didn’t end very well for ETSY after posting mixed results, and poor guidance, don’t count it out just yet. After catching support in December, we’d like to see it refill its bearish gap around $55. Better, analysts are bullish. “We recommend that investors buy into weakness in the shares given Etsy’s long-term growth prospects,” wrote Laura Champine, managing director at Loop Capital Markets, as quoted by The Wall Street Journal.
Nomura Instinet analyst Mark Kelley reiterated a buy rating on the stock, saying investors expected a “messy quarter” after Etsy’s August acquisition of Reverb and its implementation of new initiatives around sellers. “We fully expect these headwinds to work themselves out over time and management has shown that it can execute through changes to the platform.” In addition, according to RBC Capital Markets, as also quoted by The Wall Street Journal, “We don’t see material weakness in the company’s fundamentals or demand trends.”
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