Etsy (ETSY - Get 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.

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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