Graco Inc. (GGG) Shows A Bearish Trend After A Downgrade By Goldman Sachs (GS)

Graco Inc. (NYSE: GGG) breached below its 20 day MA and 200 day MA in the same session by mid-day on Monday, the first session after its quarter earnings were announced. Graco Inc. (GGG) was downgraded to “sell” from “neutral” by Goldman Sachs (NYSE: GS) on account of higher risks attached to US currency fluctuations.

The target price of Graco Inc. (GGG) has been tamed down by Goldman Sachs (GS) to $26 from $32 set earlier. After $26.35, the stock has got support level at a lower level of around $24.60.