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Sun Micro: Goldman Downgrades to Sell; Stock Slides

in News on January 8, 2009 at 5:45 am PT

Goldman Sachs analyst David Bailey cut his target price for Sun Microsystems from $5 to $3, putting the company’s stock under some pressure this morning. His reason? Sun’s services are heavily concentrated in telecom and financial services, putting it at a disadvantage compared to its more diversified competitors, weakening its position during the economic downturn.