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Goldman Sachs Downgrades Microsoft from “buy” to “neutral”

Goldman Sachs downgrades Microsoft from “buy” to “neutral,” lowering its earnings estimates for the current fiscal year by 4%, and dropping its price target for the stock from $32 to $28. The reductions come in an extensive, strongly worded report on the Redmond company, released;

“We believe the intrinsic value of shares cannot be unlocked if the status quo remains, and we’ve increased caution near term on a more elongated PC refresh cycle, combined with newer threat of notebook cannibalization from tablets, where Windows doesn’t yet have a presence,” write Goldman Sachs’ Sarah Friar. “Since added to Americas Buy list on 8/12/08, MSFT shares have returned -13%, compared to -11% for the S&P 500.”


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