Stifel analyst Scott Devitt upgraded Etsy to Buy with an unchanged price target of $70, saying the 20% decline in the stock price since the company's last earnings report has made its valuation more compelling. The analyst notes that while Etsy's gross merchandise sales topped expectations, investors exited positions because of a revenue shortfall driven by lower-than-expected seller services revenue and ahead of the company comping its price increases in Q3. Devitt believes these issues to be transitory however and recommends that investors take advantage of the pullback.