Etsy (NASDAQ: ETSY) was a Wall Street darling during the worst of the pandemic as online shopping took off with brick-and-mortar retailers largely shuttered. The stock climbed 302% in 2020 and 23% in 2021, only to plummet 45% last year.

Investors are considering what the future holds for this lagging e-commerce favorite. As we look toward the rest of 2023, let's consider both the bull and bear cases for Etsy stock. 

I would argue that the main bullish case for Etsy centers on how differentiated its offering is. A survey done by the company showed that 87% of shoppers said it has items that they can't find anywhere else.

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Source Fool.com