Goldman Sachs Downgrades AutoNavi Holdings (AMAP) to Neutral

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Goldman Sachs downgraded AutoNavi Holdings (NASDAQ: AMAP) from Buy to Neutral with a price target of $10.40 (from $17.30) citing intensifying competition in LBS market.

The firm expects pressure on volume and pricing for its smartphone pre-install business to intensify amid rising competition in 2013. "We believe Baidu’s entrance to the pre-install market may have changed the pricing model in 2H12," the analyst said.

The firm cut 2013E/14E non-GAAP EPS by 28%/40%.

For an analyst ratings summary and ratings history on AutoNavi Holdings click here. For more ratings news on AutoNavi Holdings click here.

Shares of AutoNavi Holdings closed at $10.64 yesterday, with a 52 week range of $9.38-$13.54.

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