Goldman Falls Over A Dollar After-Hours Following Downgrade
Goldman Sachs (NYSE: GS) shares fall $1.50 in after-hours trading on Monday as Bernstein downgraded the stock from Outperform to Market Perform and reduced the price target from $205 to $180.
In the note, Bernstein analyst Brad Hintz stated he is "not optimistic" for Goldman over the intermediate term given the current environment surrounding the bank's Sales and Trading desk. Low volatility because of central bank intervention and the creation of new regulations poses risks to Goldman's largest business line, according to Hintz.
The Bernstein analyst does, however, view Goldman as "one of the winners" once the make up of the current landscape changes and the marginal players exit the field.
With shares of Goldman trading down about one percent to $165.75 in after-hours trading Monday, Hintz's new price target represents potential upside of about nine percent.
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