Oppenheimer called the expected M&A rebound under the Trump administration “delayed or cancelled” and downgraded to "perform" the ratings of three financial firms whose fortunes hinge on busy Wall Street activity.

Retail investors remained bearish on Goldman Sachs Group Inc (GS) after Oppenheimer analyst Chris Kotowski reportedly downgraded the stock to ‘Perform’ from ‘Outperform’ while removing his price target of $709 per share.

Oppenheimer downgraded shares of The Goldman Sachs Group (NYSE:GS – Free Report) from an outperform rating to a market perform rating in a report published on Wednesday, Marketbeat Ratings reports. GS has been the topic of a number of other reports.