On Thursday, Goldman Sachs updated its assessment of Etsy (NASDAQ:) shares, increasing the online marketplace’s stock price target to $47.00, up from the previous $45.00, while keeping a Sell rating on the stock. The firm’s analysis followed Etsy’s third-quarter earnings report, which revealed a mix of performance indicators.

Etsy reported a year-over-year decline of 4% in its Gross Merchandise Sales (GMS) for the third quarter, with a sharper 6% drop in its core marketplace GMS. The company’s guidance for the fourth quarter suggests a continued decline in GMS, expecting a low-single-digit to mid-single-digit percentage decrease year-over-year.

Despite these trends, Etsy’s third-quarter revenue outperformed expectations, achieving a…