Etsy price target raised to $81 from $72 at BTIG

BTIG raised the firm’s price target on Etsy (ETSY) to $81 from $72 and keeps a Buy rating on the shares. The firm estimates that the launch of Instant Checkout powered by the Agentic Commerce Protocol suggests a relatively modest impact to GMV, or Gross merchandise volume, of approximately 1%, the analyst tells investors in a research note. BTIG adds however that investors are paying fore more than the immediate impact of the transaction, citing ChatGPT’s scale, the total addressable market unlock, future agentic innovation, and the fact that Etsy is already undervalued.