Oppenheimer upgrades Etsy to Outperform with $90 target

Oppenheimer upgraded Etsy to Outperform from Perform on 15 September 2026, setting a price target of $90 per share. Analyst Jason Helfstein cited progress in artificial intelligence search, general product enhancements, and stronger mobile app engagement.

Data from SimilarWeb indicated third-quarter non-app buyers held flat year over year after declining 3% in the second quarter. Jason Helfstein noted this marked the first positive inflection since around 2023, making the upper end of company gross merchandise sales guidance achievable.

An Oppenheimer survey of 2,500 United States consumers revealed that 65% were very or somewhat likely to purchase an item on the marketplace. Furthermore, 88% of respondents went directly to the platform via its app or website rather than using Google Search.

Jason Helfstein raised his 2026 gross merchandise sales projection by 1% and forecast 5% growth in both 2027 and 2028. The online handmade goods sector is projected to expand by roughly 9% annually through 2028. The $90 valuation reflects 12 times projected 2027 EBITDA, compared to Etsy currently trading at 10 times and rival eBay at 13 times.