Citi downgrades Goldman Sachs, says targets will take time to be reached

Citi thinks Goldman Sachs ' long-term company goals may be more difficult to reach than investors think. Citi downgraded shares of the investment bank to neutral from buy in a Tuesday note. It did, however, raise its price target to $400 per share from $370, equating to roughly 11% upside from Monday's close.

"While we view the ROTCE target as achievable, we also believe it will take time as well as a better investment banking environment where GS is very levered to in GBM [global banking and markets] and AWM [asset and wealth management] ," Horowitz wrote. The analyst added that Goldman's ability to find growth from investments originating from its balance sheet has pushed the stock higher in the past.

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