Benzinga | Sep 21, 2021 11:01AM EDT

Why Does Jefferies See 22% Upside In Etsy?

* Jefferies analyst John Colantuoni raised the price target on Etsy Inc (NASDAQ:ETSY) to $265 from $220, implying a 21.8% upside, and reiterated a Buy.

* While Colantuoni believes that a combination of potential upside to consensus GMS and a 25%+ 3-yr EBITDA CAGR will lead to long-term outperformance, a current near-peak multiple may keep the stock range-bound until year-end when the market starts addressing valuation on 2023 EBITDA.

* Price Action: ETSY shares traded lower by 0.34% at $216.91 in the market session on the last check Tuesday.