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Etsy (ETSY) - Get Etsy Inc. Report, a peer-to-peer e-commerce firm, was downgraded at Citi today to "Neutral" from "Buy" with a $14 price target.

Citi analyst Mark Kelley noted that he isn't optimistic that Etsy will sell itself in the near-term. He feels the company could fetch a price tag of $21 to $22 per share if it chose to do so. 

As a standalone company, however, Kelley thinks Etsy is worth $7 per share.

"The market is hoping for near-term M&A, but holding on to this thinking could disappoint investors," Kelley noted.

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He advised clients already holding to the stock to continue to do so but cautions investors that want to buy more shares not to.

Shares of the Brooklyn-based company were lower by over 1% during late morning trading on Thursday.

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