UPDATE: Goldman Sachs Removes Alcatel-Lucent, S.A. (ALU) from Conviction Sell List

(Updated - January 7, 2013 3:08 PM EST)

Goldman Sachs removed Alcatel-Lucent, S.A. (NYSE: ALU) from its Pan-Europe Conviction Sell List, but is keeping a Sell rating and EUR1.2 price target.

"In our view outperformance has been driven by upside to capex intentions of US Telcos, granular disclosure on ALU's patent portfolio and the announcement of a planned significant change in Alcatel’s capital structure, mitigating tail risk. We remove ALUA.PA and ALU from the Conviction List but they remain Sell given the group’s Q4
industry positioning and returns," the analyst said.

Goldman remains bearish on Alcatel's fundamentals and expect downside to profit expectations for 4Q2012

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