Goldman Sachs downgraded eToro (ETOR) to Neutral from Buy with a price target of $39, down from $48. The firm remains “constructive” on the company’s long-term growth, but its sales estimates through 2027 are below the 8% peer average. eToro faces increasing competition to its key product with large U.S. competitors entering the European market, the analyst tell investors in a research note. Goldman sees higher competition driving up the company’s costs.
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