Why Etsy Analyst Expects Stock To Continue Its Steep Downtrend
Portfolio Pulse from Priya Nigam
Etsy Inc (NASDAQ:ETSY) has been downgraded by Goldman Sachs from Neutral to Sell, with a price target cut from $70 to $45. The company faces challenges such as declining gross merchandise sales, low visibility into growth, and increasing competition, leading to a steep downtrend in its stock price.
October 15, 2024 | 3:28 pm
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Goldman Sachs downgraded Etsy from Neutral to Sell, citing declining sales, low growth visibility, and increased competition. The price target was reduced from $70 to $45.
The downgrade by a major financial institution like Goldman Sachs is significant, especially with a substantial price target cut. The issues of declining sales and increased competition are critical factors that could negatively impact Etsy's stock price in the short term.
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