Rochdale's Bove Slaps a "Sell" on Goldman Sachs (GS) Cites Possible DoJ Charges

Rochdale Securities Dick Bove downgraded Goldman Sachs (NYSE: GS) from Neutral to Sell and cut his price target was cut form $163 to $120, citing concerns about a Justice Department criminal suit.

According to BusinessInsider, Bove said, "t now appears that the pressure on the Justice Department to bring a criminal lawsuit against Goldman is building to a high pitch. The new Matt Taibbi article in Rolling Stone Magazine is another all-out attack on the company. However, this time the attack is backed by a 650 page Senate report signed by both a Democrat and a Republican."

The Matt Taibbi article that is creating a stir is here.

For more ratings news on Goldman Sachs click here and for the rating history of Goldman Sachs click here.

Shares of Goldman Sachs closed at $147.88 yesterday.

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