Goldman Sachs Downgrades Bank Of Ireland To ‘Sell’

Bank of Ireland (NYSE:IRE) has been downgraded by Goldman Sachs Group, Inc. (NYSE:GS) from ‘Neutral’ to ‘Sell’, owing to the elimination of valuation gaps between the Irish bank and its peers.

Pawel Dziedzic and the team at Goldman Sachs Group, Inc. (NYSE:GS) in an equity research report published today anticipate almost zero return potential from the bank as against an over 20 percent return expected from the banking sector.

The research report notes Bank of Ireland (NYSE:IRE) has outperformed its European peers by providinga  49 percent return year-to-date. With the valuation gap evaporating, the research team feels...