By Christiana Sciaudone
Investing.com — Etsy (NASDAQ:)’s trading at a record in time for Christmas.
Analysts are largely loving the stock, which has 11 buy ratings and a single sell, according to data compiled by Investing.com — even with shares up more than 450% from a March low.
Earlier this month, Jefferies (NYSE:) reiterated a buy rating on Etsy with a $168 price target because it’s a “primary beneficiary of home nesting” and beyond, according to analyst John Colantuoni. Shares were up more than 4% on Tuesday, at $177.50.
Its not-so-secret weapon? Unique and handmade goods in a world awash with mass-produced junk.
“By offering products consumers can’t find elsewhere, ETSY is able to stay relevant even as other e-commerce players like AMZN are making unprecedented investments in logistics and delivery capabilities,” StreetInsider reported Colantuoni as saying.
Morgan Stanley (NYSE:), the lone sell on the stock, with a Street-low price target, said in October that the stock looked “overvalued for its sustainable level of sales growth/profitability heading into ‘21,” Bloomberg reported.
And that’s when the stock was 30% lower than where it is today. Imagine what Morgan Stanley’s thinking now.