-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lift our 12-month target by $4 to $78, based on a 14x EV/EBITDA multiple applied to our 2026 EBITDA estimate of $814M (raised from $770M; +11% Y/Y growth). We lift our 2026 EPS to $5.32 from $4.62 and 2027's to $5.72 from $4.91. ETSY delivered a strong Q1 beat, with GMS rising 5.5% Y/Y and active buyers returning to modest Q/Q growth. That said, results benefited from several one-time tailwinds, including FX (a 190 bps lift to GMS) and higher average order values due to tariffs and the removal of de minimis. The company's Q2 outlook, calling for GMS growth of 3%-5% Y/Y, suggests near-term momentum is intact. The key debate shifts to the back half of the year, when comps become more challenging. We remain constructive, supported by improving customer metrics, including stabilizing repeat and habitual buyer trends, which we attribute to recent app enhancements (e.g., personalization, discovery). We also expect a sizable share repurchase following the $1.2B Depop sale, which is anticipated to close by Q3.