Etsy, Inc. (NASDAQ:ETSY) is one of the best consumer cyclical stocks to buy. On June 17, Truist Securities maintained its Buy rating on Etsy, Inc. (NASDAQ:ETSY), but increased its price target to $60 from $55.The price target rise follows after Truist Card Data revealed that Etsy’s Marketplace revenue quarter-to-date through June 11 is exceeding forecasts.
Truist also observed a surge in the number of monthly active users, which increased year-over-year and reached its highest level in 22 months. This indicates that the company’s growth activities are having a favorable impact. Along with increased marketing effectiveness that has allowed Etsy, Inc. (NASDAQ:ETSY) to win more ad auctions, these efforts also include improvements in product quality, particularly discoverability and quality score.
Etsy, Inc. (NASDAQ:ETSY) operates two-sided online marketplaces that link millions of creative customers and sellers globally. The company manages Reverb, Depop, and Elo7 in addition to its main marketplace, Etsy, which specializes in unique and creative products.
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