UPDATE: Goldman Sachs Reiterates Sell Rating, Lowers PT on Aetna

In a report published Wednesday, the Goldman Sachs Group reiterated its Sell rating on Aetna

, but lowered its price target from $43.00 to $41.00. Goldman Sachs noted, “So far, Aetna's deliberate shift to modestly lower margins seems to have been well executed and has helped Aetna grow c-risk enrollment where both UNH and WLP have shown substantial erosion. That said, to our view there is considerable downside risk as Aetna moves ahead with this strategy amidst pricing pressures from other plans in an environment of modestly rising medical cost trend. For now, our revised 2013E-2014E EPS reflects margin pressure but still positive earnings growth.” Aetna closed on Tuesday at $36.06.