Etsy (ETSY) Gets Bullish Upgrade with $90 Price Target from Oppenheimer

On September 15, Oppenheimer upgraded Etsy, Inc. (NYSE:ETSY) from Perform to Outperform, setting a price target of $90, based on 12 times the projected 2027 EBITDA. Oppenheimer's analysis indicates non-app buyer levels could be flat year-over-year in Q3 compared to a 3% decline in Q2. Etsy reported a 7.5% increase in marketplace GMS to $2.6 billion for Q2 2026 and announced a new $2 billion share repurchase program. However, the company plans to cut about 220 employees, expecting to incur approximately $35 million in restructuring charges by the end of Q3. This matters for investors as Etsy anticipates mid-single-digit GMS growth, which is an upward revision from earlier guidance.