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Goldman Sachs Downgraded on Valuation- Stock Tumbles

Shares of Goldman Sachs (NYSE: GS) are down about 1.6 percent after the company announced net revenues of $8.61 billion and net earnings of $1.93 billion for the second quarter.

CSLA analyst Mike Mayo downgraded the stock to Outperform from Buy but raised his price target from $176 to $185 and upped earnings estimates through 2015. It’s largely a valuation call although he notes that the firm is moving back to its old ways by taking more trading risks. Global and macro headwinds may also slow the company’s growth.

[stock-tools exchange="NYSE" symbol="GS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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