BofA Merrill Lynch analyst Michael Carrier downgraded Goldman Sachs to Neutral from Buy and also removed the stock from the firm’s US 1 List, stating that the uncertainty around the 1MDB investigation could limit the stock’s upside potential if markets stabilize. While he doesn’t expect the matter to have a long-term impact on the business, Carrier does note that the timing of the investigation is unknown and it may take some time to be resolved. Based on disclosure thus far, he views the more likely outcome as a fine/settlement, though “it is impossible to know the outcome of the matter,” Carrier concluded. He lowered his price target on Goldman shares to $225 from $280.