JPMorgan upgraded Etsy from neutral to overweight and raised its price target to $100 from $85, implying nearly 22% upside. In the second quarter, Etsy reported adjusted EBITDA of $195.3 million, beating the $182.1 million consensus estimate, and revenue of $668.3 million, exceeding the $646.1 million expected. The online marketplace has grown its gross merchandise sales for three consecutive quarters, with acceleration from 0.1% growth in Q4 2025 to 7.5% in Q2 this year. The company forecasts mid-single-digit GMS growth for the full year, an upward revision from previous guidance. Despite a bearish consensus on Wall Street with only 11 of 31 analysts rating the stock a buy, shares have already gained 48% year to date.
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