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The Ratings Game: Goldman Sachs gets downgraded on worries over fallout from 1MDB scandal

Adding insult to injury, Goldman Sachs Group Inc. was downgraded by fellow broker Morgan Stanley, which cited “risks and uncertainties” surrounding the investigation into Goldman’s role in the 1MDB scandal.

Analyst Betsy Graseck cut her rating to equal weight, after being at overweight for at least the past three years. She also slashed her stock-price target by 22% to $226, which is now the second lowest of the 29 analysts surveyed by FactSet, from $291.

The downgrade comes after the stock had already tumbled 17% since reports surfaced that Goldman’s Chairman and former-Chief Executive Lloyd Blankfein met with people involved in the 1MDB scandal, who had been indicted on a charge of conspiring to launder and steal money from a Malaysian sovereign-wealth fund, 1Malaysia Development Bhd.

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