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Fly News Breaks for August 21, 2019
ETSY
Aug 21, 2019 | 18:35 EDT
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.
News For ETSY From the Last 2 Days
ETSY
Sep 20, 2019 | 10:11 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Etsy (ETSY) upgraded to Outperform from Sector Perform at RBC Capital with analyst Shweta Khajuria saying she views the stock's risk/reward as attractive. 2. Herc Holdings (HRI) was double upgraded to Buy from Sell at Goldman Sachs while United Rentals (URI) was upgraded to Buy from Neutral. 3. Costco (COST) upgraded to Accumulate from Hold at Gordon Haskett with analyst Chuck Grom citing a meeting with CFO Richard Galanti that he called "bullish." 4. Aecom (ACM) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's transition to a "professional services business model," reducing its G&A costs by $225M by exiting from noncore markets, reducing its debt, and spinning off its management services division. 5. LiveRamp (RAMP) upgraded to Strong Buy from Outperform at First Analysis with analyst David Gearhart saying after hosting investor meetings with management, the analyst has greater appreciation for the company's offering and market position. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ETSY
Sep 20, 2019 | 08:59 EDT
HIGHER: McDermott (MDR), up 56% after announcing that it recently received unsolicited approaches to acquire all or part of Lummus Technology, with valuations exceeding $2.5B... California Resources (CRC), up 23% after Bloomberg reported the company said it is not considering restructuring, refuting a report published yesterday afternoon... Etsy (ETSY), up 2% after RBC Capital analyst Shweta Khajuria upgraded shares to Outperform from Sector Perform with a price target of $68. The analyst, who admits there's some risk to estimates in the second half of 2019, views the stock's risk/reward as attractive. UP AFTER EARNINGS: Steelcase (SCS), up 3%. LOWER: Xilinx (XLNX), down 3% after announcing CFO Lorenzo Flores is stepping down in October... Wayfair (W), down 2% after Berenberg analyst Graham Renwick initiated coverage of the stock with a Sell rating and $100 price target. Wayfair has been a success story and "disruptive force" in home and living, however its "first-mover advantages are being eroded as competition intensifies," Renwick tells investors in a research note.
ETSY
Sep 19, 2019 | 18:50 EDT
UP AFTER EARNINGS: Scholastic (SCHL) up 10.8%... Steelcase (SCS) up 5.3%. ALSO HIGHER: Etsy (ETSY) up 1.9% after being upgraded to Buy at RBC Capital. LOWER AFTER EARNINGS: SMTC Corp (SMTX) down 8.8% after cutting FY19 guidance, exiting China production. ALSO LOWER: Xilinx (XLNX) down 1.8% after announcing resignation of CFO... China Natural (CHNR) down 7.5% after being initiated with Sell at MKM Partners. Movers as of 18:30ET.
ETSY
Sep 19, 2019 | 17:19 EDT
RBC Capital analyst Shweta Khajuria upgraded Etsy to Outperform from Sector Perform with a price target of $68, up from $63. The stock closed Thursday down 38c to $59.07. The analyst, who admits there's some risk to estimates in the second half of 2019, views the stock's risk/reward as attractive. Etsy's push to encourage more sellers to offer free shipping, its advertising, and recent acquisition of Reverb can boost both revenue and gross merchandise sales above consensus estimates in fiscal 2020 and 2021, Khajuria tells investors in a research note. She sees these efforts having a "mid-to-long-term positive impact" on Etsy's business.
ETSY
Sep 19, 2019 | 16:24 EDT
RBC Capital analyst Shweta Khajuria upgraded Etsy to Outperform from Sector Perform with a price target of $68, up from $63.
ETSY
Sep 19, 2019 | 07:24 EDT
BTIG analyst Marvin Fong kept his Buy rating and $79 price target on Etsy, saying that while the company's convertible debt offering announcement garnered the most attention in its announcement yesterday, the subsequent 8-K filing indicated that its Reverb financials for 2018 and the first half of 2019 have been better than anticipated. The analyst notes that the first-half revenues of the business are up 37%, which is "significantly better" than the 20% growth that he estimated, and he models Reverg to generate $45M-$50M in revenue this year.
ETSY
Sep 19, 2019 | 06:29 EDT
Meetings to be held in Atlanta/Georgia on September 23 in Texas on September 24 hosted by Oppenheimer.