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Fly News Breaks for October 3, 2019
Oct 3, 2019 | 16:40 EDT
Nomura Instinet analyst Mark Kelley initiated coverage of Etsy with a Buy rating and $70 price target. Newly added programs, like free shipping, should boost Etsy's e-commerce market share and margins, Kelley tells investors in a research note. Further, the analyst believes consensus estimates are yet to reflect the company's recent acquisition of Reverb. He sees the deal adding as much as $15M to EBITDA by 2021. Etsy has proven that the large conglomerate platforms don't always win, proclaims Kelley.