Etsy Hits Record as a Wall Street Favorite

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Investing.com — Etsy (NASDAQ:ETSY) hit a record, rallying as Jefferies (NYSE:JEF) calls it a “primary beneficiary of home nesting.”

Shares are up some 5% after analyst John Colantuoni reiterated a buy and $168 price target on the stock, according to StreetInsider. The stock has 11 buy ratings and a single sell, according to data compiled by Investing.com.

“While most e-commerce players are competing to sell the same products, ETSY’s marketplace sells unique and handmade goods. 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,” Colantuoni said in a note.

That competitive advantage gives it strength with sellers, said Jefferies, which recently hosted company executives for meetings with European investors, StreetInsider said. Management is committed to increasing its international presence.

Etsy reported its best sales ever in its most recent quarterly report, more than double a year earlier. 

The company got a huge break in April, when it started selling masks. It has since sold almost 54 million of them, worth $600 million, The New York Times reported on Tuesday.