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Fly News Breaks for July 24, 2017
MS, GS
Jul 24, 2017 | 06:11 EDT
UBS analyst Brennan Hawken downgraded Goldman Sachs (GS) to Neutral and cut his price target for the shares to $230 from $255. The bank closed Friday down $2.12 to $220.18. The market seems to be pricing in an inflection in Goldman's trading revenue despite the recent weakness, suggesting a recovery is needed to justify 2018 consensus estimates, Hawken tells investors in a research note. The analyst sees better opportunities for investors, such as Morgan Stanley (MS), as he has "limited confidence" in a revenue recovery at Goldman.
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