Raymond James raised its price target on Etsy to $75 from $60 and kept an Outperform rating on the stock, setting up a fresh read on the company less than a week before its next earnings report. The move from analyst Rick Patel comes as Etsy shares were trading near $63.81 at the close on April 22, leaving the new target above the current price and above the $61.96 consensus.
Patel’s call lands at a moment when Etsy is trying to show that a turn in its business can outlast a single quarter. The company is scheduled to report Q1 2026 results before the market opens on April 29, and investors will be watching to see whether the core marketplace’s return to positive gross merchandise sales growth in Q4 2025 carried into the new year. Etsy had 86.5 million active buyers and 5.6 million active sellers, with a market value near $6.27 billion.
The last reported quarter gave bulls something to point to. Etsy posted adjusted earnings of $0.92 a share in Q4 2025, topping the $0.8548 estimate, and lifted its take rate to 25% from 23%. That helped offset a company that still faces a harder growth setup than it did several years ago, with active buyers down 3% year over year and shares still down 70% over five years even after a 40% gain over the past year. The stock’s forward price-to-earnings ratio stood at 22x, with $2.88 billion in trailing revenue.
Patel said the company’s overall site traffic is down over 18% according to Similarweb, a reminder that the recovery story is not clean. The broader backdrop is mixed as well: engagement metrics have improved, but years of declining gross merchandise sales growth still hang over the business. That is why the timing of the target increase matters now, just ahead of a report that could either reinforce the rebound or pull attention back to the same old traffic concerns.
There is also evidence that shareholders are giving management some credit. Analyst coverage includes 5 Buy ratings, 4 Strong Buy ratings, 21 Hold ratings and 1 Sell rating, while insider activity showed 87 recent transactions net buying. Etsy generated $638.75 million in free cash flow in fiscal 2025 and repurchased $776.9 million in shares, but those buybacks left shareholders’ equity at negative $1.1 billion. For now, the upgraded target suggests the market is willing to pay for signs of progress — just not enough to ignore the next earnings print.