UPDATE: Deutsche Bank Downgrades Goldman Sachs (GS) to Hold

(updating comment)

Deutsche Bank analyst Matt O'Connor downgraded Goldman Sachs (NYSE: GS) from Buy to Hold with a price target of $227.00.

The analyst comments "GS shares have been the best performing bank stock we cover YTD, declining 8% vs. the BKX -29% and the S&P 500 -3%. This strong performance mostly reflects a combination of strength in fixed income/equity trading (which GS is well levered to) and much less NIM and credit risk than at peers. However, a lot of good news now seems priced into GS shares relative to peers. Given this view, we are downgrading GS from BUY to HOLD. Near term, 2Q should see a boost from strong trading results as well as a reversal of some equity and debt marks taken in 1Q (with some offset from higher provision expense). However, these positives seem well known in our view following comments last week from peers regarding strength in trading (and mark reversals)."

For an analyst ratings summary and ratings history on Goldman Sachs click here. For more ratings news on Goldman Sachs click here.

Shares of Goldman Sachs closed at $204.14 yesterday.

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