Goldman Sachs Down 1% On Dick Bove Downgrade (GS)

Dick Bove at Rochdale Securities has downgraded Goldman Sachs (NYSE: GS), and cut the price target to $120 from $163, as Bove believes that the Department of Justice will soon bring a suit against the New York-based investment bank, based on pressure from Capitol Hill.

In the note Bove writes, "The rating on Goldman Sachs stock is being lowered to Sell from Neutral. The price target is being cut to $120 per share from $163 per share. It 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."

At last check, shares of Goldman were off $2.48 to $145.40, a loss of 1.7%.