Etsy slides on reports Goldman turns bearish, slashes PT
** Shares of online marketplace Etsy ETSY.O down 4.1% premarket to $47.57 after reports Goldman Sachs cut its rating to 'sell' from 'neutral'
** Brokerage hacks PT from $70 to $45, 9% below stock's last close
** Goldman says gross merchandise sales (GMS) declines persist, and visibility on durable return to positive growth remains low, Investing.com reports
** Co will continue to lose market share in global e-commerce space, Goldman says, according to the report
** 34 brokerages cover ETSY and recommendation breakdown is 2 "strong buy", 7 "buy", 20 "hold", 4 "sell" and 1 "strong sell" with median PT of $64, per LSEG data
** Last month, ETSY was replaced in S&P 500 .SPX as part of index's quarterly rebalance
** Through Mon close, shares have shed ~38% YTD and sitting at lowest levels since Apr 2020
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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