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Shares of Wall Street powerhouse Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. Report were lower during Monday morning trading following a downgrade of the firm's stock at UBS to "Neutral" from "Buy."

UBS analyst Brennan Hawken argued that Goldman will report earnings below analysts' consensus expectations in 2018, and lowered his price target to $230 from $255. 

"Shares seem to reflect a rebound in revs but we have limited confidence in that. We are downgrading GS shares ... as the market seems to be pricing an inflection in their FICC [fixed income, currency and commodities] revenues despite the recent weakness, suggesting a recovery is needed to justify 2018 consensus," Hawken wrote.

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Goldman's second quarter fixed income, currency and commodities revenue fell 40% from the last year.

"While trading could rebound, that has not happened over the past year for GS absent a surprise event such as Brexit or the Trump election and we have difficulty relying on such an event in order to justify a bullish thesis," Hawken wrote.

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