CaixaBank downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded CaixaBank (CAIXY) to Sell from Neutral with a price target of EUR 5.20, down from EUR 5.40. The firm expects CaixaBank will grow earnings more slowly relative to peers and see a sharper contraction in return on tangible equity. The bank’s predominantly net interest income-driven revenue base and “fast-repricing” balance sheet leave it exposed both to the upside and downside depending on where policy rates ultimately settle, the analyst tells investors in a research note.