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When Goldman Sachs Research moved The Travelers Companies to a Sell rating following the release of second-quarter earnings, it drew a direct line between those results and its most bearish stance.
Whether what Travelers reported represents a structural problem or a difficult but isolated quarter is the argument investors will now have to settle.
The weight of the call Sell ratings are issued less frequently than neutral or positive calls.
Goldman Sachs Research (GS) chose to move to that level at the moment it had the quarterly numbers in hand, which is a specific kind of signal.
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