Goldman: Financial Winners and Losers

(Updated with stock price moves.)

NEW YORK (TheStreet) -- Goldman Sachs (GS Quote) was among the losers of the financial sector Tuesday after bank analyst Meredith Whitney downgraded shares only three months after recommending the stock as a buy.

Goldman Sachs was losing $4.23, or 2.2%, to $185.92 after Whitney cut her rating on the stock to neutral from buy, days before the bank was set to report its quarterly results on Thursday. Goldman had been Whitney's only buy rating.

Among other ratings changes, Deutsche Bank initiated coverage of Citigroup (C Quote) shares with a buy rating and a price target of $5.50. The firm said that Citigroup's shares are attractively valued, as the bank seems well-positioned compared to its peers for both a fast economic recovery or another dip lower.

While the government's substantial investment in the company is an overhang for Citigroup's stock, Deutsche Bank said it expects the 34% stake to be reduced soon. Shares of the Citigroup were lately higher by seven cents, or 1.5%, to $4.84.

Elsewhere, Credit Suisse downgraded Ameriprise Financial (AMP Quote) and MetLife (MET Quote) to neutral from outperform, with the former offering limited upside to investors and the latter also a valuation call.

Ameriprise shares were falling $1.20, or 3.3%, to $35.71. MetLife was losing $1.42, or 3.7%, to $36.67. Other insurers were also weak with Hartford Financial (HIG Quote) lower by 7.1%, Conseco (CNO Quote) down 3.3% and American Financial Group (AFG Quote) off 0.7%.

Away from analyst calls, Bank of America (BAC Quote) was in the news after the Securities and Exchange Commission said it has entered into an agreement with the bank over the disclosure of information in the case over bonuses paid to Merrill Lynch executives, with Bank of America set to waive attorney-client privileges.