Goldman Sachs cuts Reliance Comm's price target by 26%

Goldman Sachs cut its 12-month target price on Reliance Communications by 26% to Rs 115, citing reduction in the company's core business value.

"For RCOM, our EPS cuts reflect disappointing 3Q results, higher financial leverage and a lower base effect," Goldman Sachs said in a note on Wednesday, while maintaining its "neutral" rating on the stock. At 9:47 am (0417 GMT), shares in Reliance Communications were up 1.1% at Rs 104.65, while the main stock index climbed 0.5%.