Goldman Sachs analyst David Bailey has left the firm, resulting in the suspension of Goldman’s research coverage on a slew of hardware companies pending the appointment of a new analyst to the group.
The stocks Bailey covered include Apple, Dell, EMC, Hewlett-Packard, IBM, Lexmark, NetApp, Seagate, Western Digital and 3Par.
“Our current investment ratings and earnings estimates for the stocks are no longer in effect and should not be relied upon,” Goldman said in a research note.
Not sure yet where Bailey is going, but will update if/when I find out.
Update (June 14): Chatted with Bailey today, and it turns out that he decided months ago to leave; his departure was announced internally at Goldman in March. Bailey said he has no particular plan in mind, but decided after 8 years at Goldman, and 10-plus on the sell side, it was time to move on. Bailey said he’s not going to take another job on the sell side, but will look instead at positions on the buy side, in industry (he worked in sales at IBM before he worked as an analyst) and even in academia.
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