Meredith Whitney has dropped her only “BUY” recommendation.
Whitney, who correctly predicted in 2007 that Citigroup Inc. would cut its dividend, didn’t update her price estimate on the shares in a summary note distributed to investors today. Further details on the downgrade weren’t immediately available.
The New York-based analyst upgraded Goldman Sachs to “buy” on July 13, since when the stock has risen 34 per cent, compared with a 29 per cent increase for the Standard & Poor’s 500 Investment Banking & Brokerage Index. The founder of Meredith Whitney Advisory Group LLC said on Sept. 10 that Goldman Sachs “still has a lot of gas in its tank.”
Goldman Sachs shares dropped 0.9 per cent to $188.46 in German trading as of 10 a.m. in Frankfurt.
The bank’s earnings come out tomorrow thursday.
Update: Via FT Alphaville, here’s the version of the note that was sent out to media, to which the always cheeky Alphavillers note: “This is how analyst Meredith Whitney treats the media — the industry that helped turn her into the renowned bankslayer she is today.”