Goldman Sachs cuts RCom price target by 26%

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Goldman Sachs which is a is a global investment banking and securities firm that engages in investment banking, securities, investment management, and other financial services primarily with institutional clients, has brought a deduction of 26% in its 12 month target price in relation to the Reliance Communication. Goldman"s new price which has been set on RCom hovers at Rs 115 and the reason behind this cut as stated by the company is the significant reduction being noticed in the core business value of the company. With a low financial results been seen by the RCom for the third quarter coupled with higher financial leverage and lower base effect, Goldman had to drag down its earnings per share. During the early morning trade, the shares of Reliance Communications surged by 1.1% standing at Rs 104.65.

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