Goldman Sachs Group Inc. (NYSE: GS) has come out with a set of upgrades in the bank and brokerage sector this morning. These are the sort of calls that when a firm in the brokerage business issues an upgrade or a downgrade you often wonder if they are really just issuing an upgrade or downgrade on themselves.
Goldman Sachs was not positive universally because the firm downgraded shares of Bank of America Corporation (NYSE: BAC) to Neutral from Buy.
The two big upgrades took place in Citigroup, Inc. (NYSE: C) and in Morgan Stanley (NYSE: MS). Citigroup, Inc. (NYSE: C) was Raised to Buy in the call by Goldman Sachs, but Morgan Stanley found its stock raised to the prized Conviction Buy List at Goldman Sachs.
Bank of America shares are down 1.8% at $7.16; Citigroup is down 0.5% at $30.70; and Morgan Stanley is up 0.8% at $18.70. Brokerage firms do not cover their own company for the obvious conflict of interest, but sometimes it feels like they do.
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