Oppenheimer upgrades ETSY to Outperform; $90 PT implies >20% upside due to AI search shift.

Let's talk about Etsy. Now Etsy getting an upgrade as well. It is and those shares are moving higher off the back of this Etsy shares up but just well actually they're off the highs as you mentioned we've been watching a little bit of softness in the market.

So Etsy now better by 3/4 of a percent 3rd of a percent as we speak half of a percent it's bouncing around.

Analyst call here is Oppenheimer. They've upgraded Etsy to outperform from perform. So essentially they're bullish on it. They've set a $90 price target. That implies more than 20% upside from yesterday's closing levels.

Shares already have been an outperformer year-to-date. Shares of Etsy came into today more than 20% higher. This is about AI and its relationship with Etsy. This centers on a shift in how consumers are finding products online. That's the view from Oppenheimer.

Oppenheimer says shoppers are using AI tools instead of traditional Google search for recommendations and product discovery. And so Etsy has been a a winner in this space.

Half of US consumers are apparently using AI for online shopping in June. This is some Adobe Analytics data there. So again, this is about AI and its relationship with Etsy and they see upside from here Nicole.

There it is and 74 to 90 is a big move, that upside potential.