NEW YORK, United States — Etsy Inc. shares climbed as much as 7.9 percent Tuesday, extending a recent move into record levels, as analysts grow more optimistic about the e-commerce company's long-term prospects.

Known for its vintage and handmade goods, Etsy received two sizable price target increases, one from Goldman Sachs Group Inc., which now has the Street-high view of $120, up from $88.

Etsy has a “significant opportunity to capitalise on the surge in e-commerce adoption as traditional retail remains less attractive to consumers” during the pandemic, Goldman analyst Heath Terry said in a note, reiterating his buy rating. Pointing to data showing “constructive” download trends for Etsy’s app, he said there was “meaningful” room for consensus estimates to increase.

Shares of Etsy have more than tripled from a March low and are trading at record levels. The stock is up more than 130 percent this year, compared with a gain of 14 percent for the Nasdaq Composite Index.

The stock is on track for its eighth straight positive session, its longest winning streak since June 2019.

Also on Tuesday, RBC Capital Markets raised its target to $117 from $79, touting Etsy’s “sustainably healthy growth and profitability levels.” The firm has an outperform rating on the stock, and said that its recent rally was “justified.”

Due largely to the pandemic forcing the closures of brick-and-mortar competitors, gains like Etsy’s have been seen across the e-commerce space in recent months. Analysts have said the increased demand for shopping online — which Baird estimated could represent a $200 billion annual tailwind — could be a permanent shift in consumer behaviour.

Wayfair Inc., Amazon.com Inc., EBay Inc., Shopify Inc. and Overstock.com Inc. are also among the names seeing higher demand and share-price rallies.

By Ryan Vlastelica