Selected stock price target news of the day - May 3rd, 2024

By: Matthew Otto

Disappointing Etsy Q1 Results: Analysts Divided on Future Prospects

Etsy’s gross merchandise sales for the period stood at $2.99 billion, falling short of both the FactSet consensus of $3.03 billion and the $3.1 billion reported in the same period last year. This marked a 3.87% year-over-year decline in gross merchandise sales. Etsy’s forward earnings multiple currently stands at 25.6 times, higher than eBay’s multiple of 10.2 times expected earnings over the next 12 months.

Needham analyst Anna Andreeva lowered her price target to $75 but maintained her Buy rating, noting that Etsy is still in the early stages of various product and marketing initiatives aimed at bolstering growth. Canaccord analyst Maria Ripps also lowered her price target to $105 but maintained her Buy rating, citing optimism around Etsy’s strategic product and marketing endeavors despite a slower-than-anticipated recovery in discretionary spending. However, Jefferies’ John Colantuoni rates the stock Underperform with a $50 price target, expressing skepticism about Etsy’s ability to expand its total addressable market and justifying its valuation premium compared to eBay. Colantuoni highlighted habitual declines in core gross merchandise sales despite incremental marketing investments, raising questions about Etsy’s growth prospects and market positioning.

Analysts Adjust Price Targets Amid Market Volatility

Citigroup analyst Nicholas Jones maintained a Neutral rating but lowered the price target from $72 to $62.
Canaccord Genuity analyst Maria Ripps maintained Etsy with a Buy rating yet lowered the price target from $125 to $105.
Guggenheim analyst Steven Forbes reiterated a Buy rating and downgraded the price target from $95 to $80.
BTIG analyst Marvin Fong kept a Buy rating yet lowered price target from $87 to $78.
B. Riley Securities analyst Naved Khan reiterated a Buy rating but decreased the price target from $91 to $83.
Morgan Stanley analyst Lauren Schenk maintained an Underweight rating and decreased the price target from $55 to $52.
Goldman Sachs analyst Alexandra Steiger kept a Neutral rating while lowering the price target from $80 to $70.
Barclays analyst Trevor Young maintained an Equal-Weight rating and lowered the price target from $67 to $60.
Wells Fargo analyst Ken Gawrelski reiterated an Underweight rating and lowered the price target from $60 to $58.

Which Analyst has the best track record to show on ETSY?

Analyst Shweta Khajuria (EVERCORE) currently has the highest performing score on ETSY with 7/11 (63.64%) price target fulfillment ratio. Her price targets carry an average of $19.38 (27.44%) potential upside. Etsy stock price reaches these price targets on average within 167 days.

Zillow Group’s Q1 2024 Report: Revenue Growth and Resilience Amid Real Estate Dynamics

Zillow Group has unveiled its first-quarter financial report for 2024, reaching a total revenue of $529 million versus the consensus estimate of $507.44 million. This showcased a 13% year-over-year increase. Notably, residential revenue surged to $393 million, marking a 9% uptick, while rentals revenue soared by 31% to reach $97 million. Furthermore, Zillow’s mortgage revenue experienced a 19% boost, climbing to $31 million, propelled primarily by more than 130% year-over-year surge in purchase loan origination volume, totaling $601 million in Q1.

Despite facing a net loss of $23 million, Zillow’s Adjusted EBITDA reached $125 million, representing 24% of total revenue, surpassing the company’s anticipated figures. Zillow’s performance is further underscored by its staggering user engagement metrics, with an average monthly unique user count of 217 million and a total of 2.3 billion visits recorded during Q1.

Analysts Adjust Price Targets Following Q1 2024 Results

Citigroup’s Ronald Josey maintained a Buy rating yet lowered the price target from $68 to $58.
Canaccord Genuity’s Maria Ripps maintained a Hold rating but downgraded the price target from $50 to $45.
Barclays’ Trevor Young reiterated an Underweight rating and lowered the price target from $40 to $35.
Craig-Hallum’s Jason Kreyer kept a Buy rating and decreased the price target from $65 to $51.
JP Morgan’s Dae Lee kept an Overweight rating and lowered the price target from $65 to $61.
JMP Securities’ Nicholas Jones maintained a Market Outperform rating while lowering the price target from $68 to $62.
RBC Capital’s Brad Erickson reiterated an Outperform rating and lowered the price target from $66 to $60.

Which Analyst has the best track record to show on ZG?

Analyst Shyam Patil (SUSQUEHANNA) currently has the highest performing score on ZG with 9/12 (75%) price target fulfillment ratio. His price targets carry an average of $4.17 (7.47%) potential upside. Zillow Group stock price reaches these price targets on average within 220 days.

Coinbase Reports First-Quarter Earnings, Surpasses Analyst Projections

Coinbase has announced its first-quarter financial results, reporting a revenue of $1.64 billion, surpassing expectations by $300 million. Earnings per share stood at $4.40, soaring past the anticipated $1.09. This marks a turnaround from the previous year’s loss of $78.9 million, or 34 cents per share. The surge in profitability was fueled by a $650 million mark-to-market gain on crypto assets, reflecting the platform’s investment strategy. Transaction revenue experienced a rise, nearly tripling to $1.08 billion, with consumer transaction revenue exceeding $935 million, up over 100% from the same period last year. Subscription and services revenue contributed $511 million, underscoring Coinbase’s diverse revenue streams.

Analysts Price Target Revisions Reflect Varied Outlooks

Oppenheimer analyst Owen Lau maintained an Outperform rating and raised the price target from $276 to $282.
Keefe, Bruyette & Woods analyst Kyle Voigt maintained a Market Perform rating and upgraded the price target from $230 to $240.
Canaccord Genuity analyst Joseph Vafi reiterated a Buy rating and lifted the price target from $240 to $280.
Needham analyst John Todaro reiterated a Buy rating but lowered the price target from $275 to $260.
Goldman Sachs analyst Will Nance maintained a Neutral rating and lowered the price target from $295 to $255.

Which Analyst has the best track record to show on COIN?

Analyst Bo Pei (TIGER SECURITIES) currently has the highest performing score on COIN with 6/6 (100%) price target fulfillment ratio. His price targets carry an average of $27.76 (18.23%) potential upside. Coinbase Global stock price reaches these price targets on average within 83 days.