Goldman Sachs: UBS no longer Buy

(CercleFinance.com) - UBS announced on Monday that it had downgraded its recommendation on Goldman Sachs shares to 'neutral' from 'buy', with a price target raised from $600 to $610.


In a research note, the research firm says it perceives a "limited" number of catalysts, suggesting limited potential for stock market appreciation from current levels.

The analyst also points to the New York firm's heavy dependence on banking and capital markets activities, while the asset management division - which accounts for less than a third of revenues today - is not yet in a position to make a significant contribution to earnings.

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