Wal-Mart Shares Down on Goldman Sachs Ratings Cut
By: Reuters
Goldman Sachs said it cut Wal-Mart Stores to "neutral" from "buy" and its price target to $51 from $53.
In a research note, the brokerage said weak sales at Wal-Mart continue to suggest payback from earlier investments will take more time than it had originally anticipated.
The brokerage lowered its earnings estimates for the world's biggest retailer to $3.10 a share from $3.14 for 2007 and to $3.51 a share from $3.54 for 2008.
Shares of Wal-Mart are down after Goldman Sachs cut its rating and lower its price target on the retailer.
