Goldman Sachs Continues To Plunge, Down More Than 3% (GS)

Goldman Sachs Group, Inc. (NYSE: GS) shares are continuing their slide, and are now down over 3% on more than three times the average daily volume, as noted bank analyst Dick Bove downgraded the stock.

Bove cut his rating to Sell.

Bove of Rochdale Securities downgraded the name and cut the price target to $120 from $163, citing growing concerns that the Department of Justice will wage a lawsuit or inquire into the company, as the U.S. government looks for a culprit in the 2008 financial crisis.

Bove cited an article from Rolling Stone's Matt Taibbi as a result of his downgrade.

At last check, shares of Goldman Sachs were off $5.02 to $142.81, a loss of 3.4% on 14 million shares.

The Goldman Sachs Group, Inc., together with its subsidiaries, provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide