Etsy Drops as KeyBanc Cuts Ahead of Post-Pandemic World

imageStock Markets1 hour ago (Apr 26, 2021 10:52AM ET)

(C) Reuters.

By Christiana Sciaudone — Pandemic darling Etsy (NASDAQ:ETSY) dropped 4% after KeyBanc lowered its rating.

Analyst Edward Yruma downgraded the stock to a sector weight rating from an overweight rating, maintaining the price target. Shares are up 876% versus 101% for the Nasdaq since the analyst set his overweight rating.

“We think it remains one of the best long-term growth stories in our coverage; however, we downgrade to a SW rating to reflect a lower near-term likelihood of positive earnings revisions,” Yruma wrote in a note, according to StreetInsider.

Etsy has seen sales and profit jump amid the stay-at-home pandemic, but the good times may be coming to an end as vaccinations become widespread and cases of Covid-19 drop.

Etsy Drops as KeyBanc Cuts Ahead of Post-Pandemic World

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