Citigroup Downgraded to `Sell' at Goldman Sachs |
| Bloomberg - Nov 19, 2007 |
Citigroup Inc., the largest U.S. bank by assets, was lowered to ``sell'' by Goldman Sachs Group Inc. as rising mortgage delinquencies cut into earnings.
``Given the dislocations in the credit markets, we have become more pessimistic,'' New York-based analyst William F Tanona wrote to investors today, downgrading New York-based Citigroup from ``neutral.'' ``Citigroup will likely face an increasingly challenging operating environment which is likely to pressure results in many of their businesses.''
Tanona also cut his price estimates for Merrill Lynch & Co., Morgan Stanley, Lehman Brothers Holdings Inc., Bear Stearns Cos., JPMorgan Chase & Co. and E*Trade Financial Corp. The analyst, who joined Goldman from JPMorgan two years ago, beat competitors to lower his earnings estimates for Merrill on Sept. 26, predicting the writedowns announced a month later.
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- Posted: 2007-11-19 10:08:36
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