Goldman Sachs downgraded RadioShack
RSH from Neutral to Sell and lowered the price target from $2.90 to $2.75.
Goldman Sachs said, "RSH operates with a challenged business model, given its reliance on wireless, a slowing category where it is losing market power, the perpetual challenge of price transparency, and limited opportunity for cost cuts after sharp reductions in recent years. Our estimates stand below consensus. The firm operates with lofty leverage, and we see minimal equity value, with a price target below the market price after the stock's recent recovery (21% downside). We see few of the strategic dynamics (M&A, founder interest) that have helped drive a rally among other challenged franchises of late."
RadioShack closed at $3.48 on Monday.
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