Etsy Analysts Increase Their Forecasts Following Better-Than-Expected Q2 Earnings
Avi Kapoor 3 months ago
MarketsTrading IdeasPre-Market OutlookNewsAnalyst RatingsPrice TargetEarnings
Etsy Inc (ETSY) reported strong Q2 earnings, beating estimates. Announced share buyback and workforce cut. Analysts raised price targets.
Etsy Inc (NYSE:ETSY) reported upbeat earnings for the second quarter after the closing bell on Wednesday.
The company posted quarterly earnings of 98 cents per share which beat the analyst consensus estimate of 74 cents per share. The company reported quarterly sales of $668.313 million which beat the analyst consensus estimate of $649.065 million.
The company’s board authorized a new $2 billion share buyback program and announced plans to cut workforce by 12%.
Etsy shares rose 1.5% to $83.50 in pre-market trading.
These analysts made changes to their price targets on Etsy following earnings announcement.
- Needham analyst Bernie McTernan maintained the stock with a Buy and raised the price target from $85 to $100.
- JP Morgan analyst Bryan Smilek upgraded the stock from Neutral to Overweight and raised the price target from $85 to $100.
Considering buying ETSY stock? Here’s what analysts think:
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