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ETSY

Etsy

$68.45

-1.08 (-1.55%)

, FB

Facebook

$161.59

1.13 (0.70%)

16:25
03/19/19
03/19
16:25
03/19/19
16:25

BTIG sees limited impact to Etsy from 'Checkout on Instagram'

Facebook's (FB) "Checkout on Instagram" announced today focuses on large sellers, which means it is not yet a competitor of Etsy (ETSY), BTIG analyst Marvin Fong tells investors in a research note titled "In Instagram, Sellers Could Soon Have a New Sales Channel, But We See Limited Impact to Etsy." However, Instagram mentions in its blog post that in the future it will work with Shopify-type (SHOP) platforms, indicating that it intends to reach into the small-to-medium size businesses, the analyst adds. He points out that BuzzFeed even identified Etsy as a future target of Checkout by name. Fong's quick analysis, which "pessimistically" assumes Instagram can convert 10% of an Etsy seller's Instagram followers, puts the impact to Etsy's volume at around 2%. The analyst estimates about 41% of large Etsy sellers are already able to integrate with Instagram. He also found that found that ~25% of large Etsy sellers have no Instagram presence. Fong keeps a Neutral rating on Etsy.

ETSY

Etsy

$68.45

-1.08 (-1.55%)

FB

Facebook

$161.59

1.13 (0.70%)

SHOP

Shopify

$201.97

-3.88 (-1.88%)

  • 27

    Mar

  • 04

    Apr

ETSY Etsy
$68.45

-1.08 (-1.55%)

03/08/19
KEYB
03/08/19
NO CHANGE
Target $90
KEYB
Overweight
Etsy price target raised to $90 from $75 at KeyBanc
KeyBanc analyst Edward Yruma maintained an Overweight rating on Etsy and raised his price target to $90 from $75 following the company's analyst day. In a research note to investors, Yruma says he came away from the event "upbeat" that the company remains in the early innings of both operational improvement as well as market share gains. He adds that the long-term financial framework was consistent, if not slightly better, than his expectations.
03/08/19
03/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Neutral from Buy at Buckingham with analyst Matthew Harrigan citing the stock's sensitivity to any market pullback, "investor angst" regarding what he calls "increasingly credible" competition from the Disney+ (DIS) streaming service and his concerns that his model for Netflix's long-term global membership growth may be optimistic given the rising competition. 2. GameStop (GME) downgraded to Underperform from Neutral at BofA/Merrill with analyst Curtis Nagle citing expectations for a deterioration in fundamentals. 3. Exxon Mobil (XOM) downgraded to Market Perform from Outperform at Cowen with analyst Jason Gabelman saying the company is shifting to a counter-cyclical investment stage, which may pay dividends long-term but he does not believe investors are willing to wait for results. 4. Etsy (ETSY) downgraded to Neutral from Buy at BTIG with analyst Marvin Fong saying the current stock price embeds a "fair amount of future improvement," which yields a risk/reward that is balanced. 5. National Beverage (FIZZ) downgraded to Sell from Neutral at Guggenheim with analyst Laurent Grandet saying he "drastically reduced" his LaCroix sales growth expectations and cut his gross margin and EPS estimates accordingly following the company's quarterly report. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/08/19
BTIG
03/08/19
DOWNGRADE
BTIG
Neutral
Etsy downgraded to Neutral from Buy at BTIG
BTIG analyst Marvin Fong downgraded Etsy to Neutral from Buy saying the shares have reached his prior price target of $67. The current stock price embeds a "fair amount of future improvement," which yields a risk/reward that is balanced, Fong tells investors in a research note. He would become more constructive on the shares "should a more attractive entry point emerge." Further, Fong notes that at yesterday's analyst day, Etsy issued long-term gross merchandise sales growth guidance that was in-line or better than expectations while attendant revenue growth was more measured versus expectations. The stock closed yesterday down 4%, or $2.80, to $67.24.
03/11/19
MSCO
03/11/19
NO CHANGE
Target $65
MSCO
Equal Weight
Etsy price target raised to $65 from $49 at Morgan Stanley
Morgan Stanley analyst Brian Nowak noted that Etsy's 5-year gross merchandise sales and EBITDA targets were above his prior estimates and he raised his price target on the stock to $65 from $49 following the company's analyst day, stating that the "pragmatic guidance" and the company's history of strong execution give him confidence in the achievability of the targets. While he keeps an Equal Weight rating on Etsy shares, Nowak said he is watching for traction on the new initiatives the company laid out at the event.
FB Facebook
$161.59

1.13 (0.70%)

03/18/19
BOFA
03/18/19
NO CHANGE
Target $187
BOFA
Buy
Facebook price target lowered to $187 from $205 at BofA/Merrill
BofA/Merrill analyst Justin Post lowered his price target on Facebook to $187, saying the company is faced with more "uncertainty" after its CEO Mark Zuckerberg disclosed a vision that is more sensitive to investors' privacy concerns. The analyst questions whether the subsequent departures of Facebook's Chief Product Officer Chris Cox and the head of WhatsApp development Chris Daniels were related to the management's evolving vision, adding that the company's 3-year growth trajectory may be altered by its "more privacy centric platform". Post also keeps his Buy rating on Facebook.
03/18/19
03/18/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Hold from Buy at Needham with analyst Laura Martin citing three factors that she sees creating a "negative network effect," namely its strategic pivot toward privacy and encrypted messages, the growing risks of regulation and "horrific" events like those recently in New Zealand that hurt Facebook's brand and are difficult to block from the service at a 100% level. 2. Quest Diagnostics (DGX) downgraded to Neutral from Outperform at Credit Suisse. 3. Aramark (ARMK) downgraded to Neutral from Buy at Nomura Instinet with analyst Dan Dolev saying while the company's "significant scale" in North America should drive consistent 5%-plus organic growth, "execution mishaps and inability to win sufficient new business" resulted in just 2%-3% organic growth versus 7%-8% for main competitor Compass. 4. BioScrip (BIOS) downgraded to Equal Weight from Overweight at Stephens with analyst Dana Hambly saying the company "surprised the market" by announcing a merger with Option Care. 5. PVH Corp. (PVH) assumed with a Neutral from Buy at Citi with analyst Paul Lejuez saying while PVH has two brands with good global growth potential in Tommy Hilfiger and Calvin Klein, the company overall is still heavily dependent on the North America wholesale and outlet channels. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SHOP Shopify
$201.97

-3.88 (-1.88%)

02/13/19
ROTH
02/13/19
NO CHANGE
Target $64
ROTH
Buy
Etsy price target raised to $64 ahead of earnings at Roth Capital
Roth Capital analyst Darren Aftahi raised his price target on shares of Etsy (ETSY) to $64 from $52 ahead of the company's Q4 report, stating that several data points, including e-commerce growth rates and Shopify's (SHOP) Q4 results, point to healthy growth rates for small-to-medium businesses. The analyst, who said he views Shopify's results as "likely the most positive data point in terms of a leading indicator" for Etsy, keeps a Buy rating on the stock ahead of the company's report on February 25.
03/19/19
RBCM
03/19/19
NO CHANGE
RBCM
Outperform
Shopify could lose some future payments volume to Instagram, says RBC Capital
After Facebook's (FB) Instagram announced in a blog post that it is adding in-app checkout, RBC Capital analyst Ross MacMillan explained that he views the risk to Shopify (SHOP) being that native Instagram Checkout could take some gross payments volume share in the future, some of which would have been Shopify's. As it stands today, merchants can link Instagram as a channel to their Shopify platform and transactions occur through the Shopify checkout, which would generate payments volume and revenue, assuming that merchant uses Shopify Payments, said MacMillan. However, he added that he thinks volumes from Instagram purchases are "very small" today. MacMillan has an Outperform rating on Shopify shares.
03/19/19
JEFF
03/19/19
NO CHANGE
JEFF
Hold
Jefferies understands Shopify concerns following 'Checkout on Instagram'
Shares of Shopify traded down modestly today on the announcement of "Checkout on Instagram," a feature that will allow users to complete purchases without leaving the app, Jefferies analyst Samad Samana tells investors in a research note. Facebook's (FB) Instagram will charge merchants a selling fee and partner with PayPal (PYPL) for payment processing, the analyst points out. He understands the investor concerns since Shopify partners with Instagram. Samana, however, believes most merchants will continue to rely on their underlying e-commerce platform to complete most online transactions, manage their stores and inventory. Further, merchants succeeding on multiple channels could increase the likelihood of using a platform like Shopify to manage their business, the analyst contends. He points out, though, that if merchants choose to adopt "Checkout on Instagram", PayPal would provide the payment processing for the gross merchandise volume generated on Instagram rather than directing back to a merchant's Shopify store to process the transaction. This could be a headwind for Shopify's Payments revenue growth, says Samana. He keeps a Hold rating on the shares with a $175 price target. The stock closed the trading day down 2%, or $3.68, to $202.09.
02/14/19
RSBL
02/14/19
NO CHANGE
Target $212
RSBL
Buy
Shopify price target raised to $212 from $190 at Rosenblatt
Rosenblatt analyst Mark Zgutowicz raised his price target on Shopify (SHOP) shares to $212 from $190 following the company's Q4 report, stating that large DTC direct-to-consumer companies are leveraging Shopify's platform to take "back ownership of their brands, largely from Amazon." Though "the stock may appear optically expensive," he still sees good value, added Zgutowicz, who keeps a Buy rating on Shopify shares.

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GM

General Motors

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