Barclays analysts anticipate a constructive backdrop for Etsy (NASDAQ:ETSY) and eBay (NASDAQ:EBAY) as both companies prepare to report third-quarter results, according to a new research note.
The bank reiterated its “overweight” rating on eBay with a price target of $92 and maintained an “equal weight” rating on Etsy with a $60 target.
Barclays noted it was “surprised by the resilience of U.S. e-commerce trends so far in 2025,” pointing out that discretionary spending — particularly on non-essential categories like clothing, electronics, and collectibles — has been outperforming overall personal consumption expenditures. This, they said, is a tailwind for niche platforms such as Etsy and Revolve.
For eBay, Barclays expects Gross Merchandise Value (GMV) to exceed consensus estimates in the U.S., supported by strength in focus verticals like collectibles. The analysts also pointed out that Amazon’s (NASDAQ:AMZN) absence from Google Product Listing Ads may be giving eBay an edge, while its integration with Klarna is boosting volumes in higher-ticket categories.
On Etsy, the firm made a slight downward adjustment to its third-quarter gross merchandise sales forecast to account for the impact of the August 29 de minimis rescission, which removed duty exemptions for certain low-value Europe-to-U.S. shipments. Even with this headwind, Barclays still projects Q3 GMS of $2.684 billion, modestly above consensus and near the high end of Etsy’s own guidance range.
The note also touched on the introduction of OpenAI’s “Instant Checkout” feature, with Barclays reporting that “most investors view this as more of an opportunity than a threat” for integrated e-commerce platforms, highlighting Etsy as one of the early partners.