AOL Inc.'s stock slid 3.1% in premarket trade Tuesday, after Goldman Sachs downgraded the Internet media company, less than a week before it reports first-quarter results, amid concerns over intensifying competition. Analyst Debra Schwartz cut her rating to sell from neutral, and her 12-month price target to $38 from $44. Schwartz said she sees continued evidence that the shift to programmatic offerings is more than just a short-term phenomenon. That increases the risk to first-quarter results, scheduled to be released before Friday's open, amid disruption from its sales force and platform integration. "We expect this to be temporary, but are increasingly concerned about relative ad underperformance longer term as companies like Facebook expand off-platform capabilities," Schwartz wrote in a note to clients. The stock has dropped 12% year to date through Monday, while the S&P 500 has gained 2.7%.
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