Etsy price target raised to $62 from $45 at UBS

UBS analyst Chris Kuntarich raised the firm’s price target on Etsy (ETSY) to $62 from $45 and keeps a Neutral rating on the shares. The firm raised its estimates to reflect 70 basis points of incremental foreign exchange tailwinds and 5 percentage points of acceleration in the Core Etsy gross merchandise sales year over year growth, the analyst tells investors in a research note. Etsy app monthly active users accelerated 6 percentage points to 12% y/y in Q2, while U.S. observed sales accelerated 7 percentage points on a 2-year basis, the firm says.