Goldman Sachs analyst Alexandra Steiger downgraded Etsy to Neutral from Buy with a price target of $80, down from $84. The analyst sees a more balanced risk/reward for the shares from here on low visibility on 2024 gross merchandise sales growth and long-term Street estimates that the firm believes already fully capture the company’s growth potential. Visibility around Etsy’s growth reacceleration remains low and there is still a wide range of outcomes for 2024 GMS growth, the analyst tells investors in a research note.
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