Why Etsy Stock Popped on Tuesday

Shares of Etsy (NASDAQ: ETSY) surged higher on Tuesday, climbing as much as 5.5%. At the end of the day, the stock was still up 5%.

While the broader market rally no doubt added fuel to its ascent, the catalyst that sent the e-commerce platform higher was the initiation of coverage by a Wall Street analyst.

Guggenheim analyst Steven Forbes assumed coverage of Etsy with a buy rating, while simultaneously issuing a $105 price target on the stock. It seems the analyst was merely playing catch up, as the price target was nearly identical to the stock's closing price on Monday, when it ended the trading day at $104.99.

Source Fool.com