Needham boosts its price target on Buy-rated Etsy (NASDAQ:ETSY) to $325 after meeting with management. The overall takeaway was the Etsy's (ETSY) model is thriving in the tight supply environment.
Analyst Anna Andreeva's on ETSY: "Investments in marketing are driving inflection in retention & frequency (2020 cohort is outperforming with 13-points higher frequency than historically), while the supply chain advantage of the model (~95% of sellers source materials in the same country) is driving share gains in this environment."
The view on the near term is also positive with Andreeva noting that Etsy (ETSY) just started running a Cyber Week Sales Event on its app in what is called a smart move to gain share in the midst of a competitive time for the industry.