Etsy downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Etsy to Sell from Neutral with a price target of $45, down from $70. The firm continues to see risk to Street estimates given low visibility on gross merchandise sales, the potential for Etsy’s share losses to persist over time, and the risk of margin compression in 2025 versus the Street expecting margin expansion. Etsy’s sales declines have persisted longer than expected, and visibility on a durable return to positive growth remains low, the analyst tells investors in a research note. Goldman expects the Etsy Marketplace to continue to lose market share of overall global e-commerce sales in the years ahead.