12:40 PM EDT, 07/30/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target to $70 from $72, now applying a 14x EV/EBITDA multiple (unchanged) to our 2026 adj-EBITDA estimate of $746 million (+2% Y/Y; cut from $839 million to reflect the Reverb sale on June 2, 2025 and elevated marketing/product development expenses). We lower our 2025 adj-EPS to $3.87 from $4.73 and 2026 to $4.37 from $5.07. Q2 results were encouraging as gross merchandise sales (GMS) in the Etsy ( ETSY ) marketplace declined 5.4%, a 3.5-point improvement from Q1. Yet, ETSY ( ETSY ) may have benefited from a temporary pullback in advertising by players like Temu and Shein, as both reportedly exited PLA auctions for several weeks early in the quarter (due to tariff uncertainties). That tailwind may not persist, as recent reports suggest both companies have resumed digital ad spending. For ETSY ( ETSY ), we expect elevated marketing and product development costs to keep EBITDA margins in the mid-20% range over the next few quarters, down from the company's historical high-20% to low-30% levels. We keep a Hold.