UPDATE: Goldman Sachs Downgrades Diebold to Sell on Relative Valuation, Growth Risk

Goldman Sachs downgraded Diebold

from Neutral to Sell and lowered the price target from $29.00 to $27.00. Goldman Sachs commented, "On a sector relative basis, we downgrade DBD to Sell from Neutral as we are now more cautious on (1) the company's core ATM demand backdrop as banks focus on controlling expenses in a tough environment; (2) potential share losses in the US regional and Brazil ATM market to NCR where its order growth has shown relative strength; and (3) potential pricing risk from a shift in orders to larger banks." Diebold closed at $30.77 on Tuesday.