Etsy price target raised to $72 from $55 at Needham

Needham raised the firm’s price target on Etsy (ETSY) to $72 from $55 and keeps a Buy rating on the shares. The firm cites the company’s better than expected Q2 results that support greater confidence in a return to sustainable GMS growth and margin durability, the analyst tells investors in a research note. Needham adds however that the market will need to see continued improvement in the coming quarters on its way back to y/y growth to support further multiple expansion.