Etsy Stock: Next Stop, $100?
Things seemed bleak for Etsy (NASDAQ: ETSY) investors two months ago when shares of the online marketplace operator briefly dipped below $30 for the first time in nearly two years. An encouraging financial update last month and a blowout earnings report last week have turned things around in a hurry. The stock has now catapulted above $80, hitting an all-time high on Tuesday.
The news got even better on Wednesday when Citi analyst Nicholas Jones boosted his price target on the stock to a Street-high of $100. Jones feels that the coronavirus crisis is accelerating the consumer transition for Etsy's fragmented arts and crafts and vintage categories from brick-and-mortar options to online outlets. His price goal for the stock was previously $60.
Image source: Etsy.
Source Fool.com
