Etsy is well-positioned to fight off competitors and remain a leading player in the booming e-commerce industry even after the pandemic, according to Atlantic Equities.

Etsy’s stock is up more than 200% compared to its pre-pandemic levels as locked-down consumers flocked to the e-commerce site for handmade goods, but shares have slipped in 2021 as the market shifted toward reopening and cyclical bets.

Analyst Daniela Nedialkova initiated coverage of the e-commerce company with an overweight rating, saying in a note to clients on Monday that Etsy’s relationship to its merchants and customers makes it hard to unseat as an industry leader.