GS (SELL $80) NEW PRICE TARGET $80,, WAS $140..The problem in the short run is valuation. The company has as a policy the purchase of distressed assets. In the past this has proven to be a very successful strategy generating an estimated $10 billion in revenues. Today this strategy is falling under the new mark to market accounting rules. These rules are forcing write downs of the acquired assets and this may harm earnings.Additionally, the value of the Industrial and Commercial Bank of China holding may have been lowered by as much as 30%.
Notablecalls: Ladenburg's Dick Bove is among the Axes. Looks like GS is headed lower.
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