JPMorgan is moving away from shares of Goldman Sachs for the time being. Analyst Kian Abouhossein downgraded shares of the investment bank to a neutral rating from overweight. He lifted his price target to $750 per share from $625, but that implies 2% downside from Monday's close of $763.32. Abouhossein's downgrade stemmed from Goldman's stock already trading at a fair valuation. On the other hand, its European counterparts Barclays and Deutsche Bank trade at "significantly cheaper valuations," he wrote. Goldman trades at a price-to-book valuation of 2.17, per FactSet. Barclays and Deutsche Bank, meanwhile, have price-to-book ratio of 0.81 and 0.86, respectively. GS YTD mountain GS YTD chart "While we see part of the premium justified, reflecting the superior IB franchise and higher throug
JPMorgan downgrades Goldman Sachs, favors cheaper rivals

30