Etsy price target raised to $47 from $42 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Etsy (ETSY) to $47 from $42 and keeps a Neutral rating on the shares following the Q1 results. While gross merchandise sales declined over mid-single digits in Q1, Etsy remains optimistic on its product efforts driving improvement in growth over the next few quarters, the analyst tells investors in a research note. Etsy’s business is likely to show elasticity to broader macro themes, given the higher mix of discretionary categories on the platform, and Cantor continues to wait for a positive development in the story.