Etsy Marketplace Is Showing Signs Of Life (Upgrade)

Etsy is upgraded to a "Buy" as core marketplace sales accelerate and profit margins improve despite a challenging macro environment. Divestitures of Depop and Reverb signal a strategic return to Etsy's artisan-focused roots, enhancing operational focus and cost efficiency. Opex efficiencies are materializing, with general and administrative costs declining as a percentage of revenue, supporting healthier margins.