In Case You Missed It: U.S. Most Read Research: Week of July 13 – July 17

研报英文原文证据摘录

In Case You Missed It: U.S. Most Read Research: Week of July 13 – July 17

mplete Active Buyer profiles, & improve matching and relevancy. ETSY will

utilize a combination of self-hosted LLMs & external 3P models to accelerate product velocity, move faster, & synthesize its

large corpus of data. While a small driver of total traffic, agentic traffic maintains higher AOVs & intent while serving as a

channel for Active Buyer acquisition, re-engagement, retention, & greater frequency. Etsy is bullish on the opportunity to utilize

on-site agentic experiences, & the company will continue to build adoption of its Gifting Assistant. Etsy will enhance on-platform

conversational search, which should help build greater buyer context, enable greater purchase occassions, & deepen

personalization. As highlighted in our Management Access Takeaways report on 6/12, we’re positive on ETSY’s improving

search optimizations, social commerce initiatives, App execution, agentic commerce positioning, & diversified marketing

strategy, which should translate to durable GMS growth. We remain Neutral-rated & raise our December 2026 PT from $78

to $85 based on ~20x 2027E GAAP EPS of $4.22. Please see our preview table herein & Figure 1 for our view of buyside

expectations vs. JPMe/consensus & mgmt guidance.

Software (Samik Chatterjee, CFA) - 12 July 2026

Weekend Edition: Signal from the Noise

In this report, we go through what we believe were the key recent developments/ announcements in the Software industry with

potential read-through for our coverage universe, with the goal of highlighting meaningful updates that might have slipped

under the radar for investors on account of the plethora of announcements, as well as provide our views on the materiality and

relevance of the announcements.