Etsy's (NASDAQ: ETSY) stock price surged after the e-commerce platform delivered strong fourth-quarter results. Yet despite those gains, its shares are still down more than 30% so far in 2022.
Is the rebound off its recent lows a sign that more gains are ahead for Etsy's investors?
Stifel analyst Scott Devitt reiterated his buy rating on Etsy's stock following its fourth-quarter report. Although he cut his share price forecast from $230 to $200, his new estimate is still 34% higher than Etsy's current price near $149. Despite Etsy's conservative revenue guidance for the first quarter of 2022, Devitt is encouraged by the strong growth in new buyers on its platform.
Source Fool.com