Goldman Sachs Downgrades Sanofi-Aventis (SNY) to Conviction Sell

Goldman Sachs downgraded Sanofi-Aventis (NYSE: SNY) to Conviction Sell, citing the stock's recent outperformance.

The firm said the current valuation is unwarranted and shares should trade at a sector discount of 18%, in line with historical discount levels of c.20%. Shares have not traded at a premium to the sector since 2004, they note.

Goldman also notes the company faces significant structural headwinds as it moves through its patent cliff.

For an analyst ratings summary and ratings history on Sanofi-Aventis click here. For more ratings news on Sanofi-Aventis click here.

Shares of Sanofi-Aventis closed at $37.13 yesterday, with a 52 week range of $30.98-$40.75.

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