J P M O R G A N North America Equity Research 15 July 2026 Etsy Raising Estimates Above Guidance Into 2Q Earnings; Focus on Social Commerce Initiatives, GMS Growth, & Frequency; Neutral w/$85 PT We're raising our 2Q & 2026 GMS estimates above mgmt's guidance into upcoming 2Q26 earnings. ETSY shares are +50% YTD (vs. SPX +10%) and are +31% since 1Q earnings (vs. SPX +6%), driven by Etsy Marketplace GMS growth acceleration, solid execution & improving fundamentals, the pending Depop sale, & capital returns. W ...