(Updated to include BofA's commentary)

BofA Securities upgraded Etsy (ETSY) to buy from neutral and raised its price target to a street-high $105, citing more durable-than-expected execution under Chief Executive Kruti Patel Goyal's four growth pillars, and recent 3P data implying conservative guidance.

Despite noting that the stock is up 47% YTD, the brokerage sees further upside from higher AOV trends, continued growth momentum, marketing efficiency gains, significantly accelerating capital returns, and the company's unique inventory positioning it well for AI and conversational search.

Etsy has an average rating of overweight and mean price target of $89.20, according to analysts polled by FactSet.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)