Goldman downgrades Microsoft, makes case for major overhaul
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Goldman Sachs is downgrading Microsoft from "buy" to "neutral," lowering its earnings estimates for the current fiscal year by 4 percent, 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 by the firm tonight. "We believe the intrinsic value of shares cannot be unlocked if the status quo remains, and we have increased caution near term on a more elongated PC refresh cycle, combined with the newer threat of notebook cannibalization from tablets, where Windows does not yet have a presence," write Goldman Sachs analyst Sarah Friar and associates in the introduction to the report.
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