"If you’re wrong, you have to admit you’re wrong," says Bernstein's Brad Hintz, throwing in the towel on his Outperform rating for Goldman Sachs (GS -0.4%). "It certainly doesn't look like trading is going to generate effective returns."
And if trading does bounce back? "Yeah, they're a winner," says Hintz. "But over the next two years, it’s tough to make an argument that we’re going to see that winning occur.”
Previously: Goldman downgraded at Bernstein