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Etsy Stock Soars as Citi Initiates Coverage Ahead of Q2 Earnings

NEW YORK (TheStreet) -- Shares of Etsy (ETSY) are surging 15.31% to $11.60 in early-afternoon trading on Monday after Citigroup initiated coverage of the stock with a "buy" rating and $14 price target this morning.

Citigroup thinks Etsy's Seller Services, which charges merchants for extras such as product promotion or expedited check-out will provide growth for the company.

"The core Etsy offering, simply listing an item for sale, is what attracts a seller to the platform, but Etsy's Seller Services offerings are additive and in some cases higher margin services which sellers can utilize in order to...