Oppenheimer Cuts GS to Underperform from Perform
Current valuations leave limited room for further gains despite a favorable operating environment. - Recommended investors sell large-cap investment banks and buy alternative asset managers and commercial banks "While the cycle may well go on for another 12-18 months or more, we'd rather not wait around for the warning signs to appear, and thus particularly in the case of the investment banks, we are more inclined to take the money and run"
Current valuations leave limited room for further gains despite a favorable operating environment. - Recommended investors sell large-cap investment banks and buy alternative asset managers and commercial banks "While the cycle may well go on for another 12-18 months or more, we'd rather not wait around for the warning signs to appear, and thus particularly in the case of the investment banks, we are more inclined to take the money and run"