Etsy upgraded to neutral from sell by Monness, Crespi and Hardt
Online craft marketplace Etsy was upgraded to neutral from sell Wednesday by Monness, Crespi and Hardt analysts due to what they say is a now fair valuation. The analysts said they think Etsy has value with its handmade goods and community, but note that it faces large, upcoming pressures from the Amazon Handmade Marketplace. "Amazon is currently an inferior threat in terms of its catalog, but stagnating buyer growth may lead to seller attrition," the analysts wrote. But the upgrade comes because Etsy shares are down 23% since it reported results on November 3, and the analysts said the stock sits between their bear case of $6 and their bull case of $10, which makes it fairly valued.
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