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Fly News Breaks for October 20, 2016
GS
Oct 20, 2016 | 08:04 EDT
As previously reported, Guggenheim downgraded Goldman Sachs to Neutral from Buy. Analyst Eric Wasserstrom believes M&A volumes are subsiding following an expansion to $4.1T in 2015 and forecasts flat volumes of $3.5T annually for 2016-18. The analyst expects Goldman's M&A gains to be more incremental and thus sees limited growth in the M&A business. Further, operating leverage has been negative year-to-date and he believes valuation fully reflect expense control initiatives.
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