MW: Deustche Bank down 6%, downgraded by Goldman Sachs
By Sital S. Patel
NEW YORK (MarketWatch) - Deutsche Bank DB -0.54% was downgraded to a sell rating from neutral by Goldman Sachs on Friday. The target price was dropped to €37.30 from €47.00, largely as a result of the U.S. Federal Reserve's new capitalization rules likely being adopted by foreign banks, said the Goldman Sachs report. Deutsche Bank is considered one of the most stable banks in the eurozone area by Goldman Sachs analysts, however the new Fed proposal brings potentially "substantial" challenges to capital and profit expectations that the management needs to address, said the report. Deutsche Bank shares were down more than 6% in pre-market trading.
