(Reuters) - Keefe Bruyette & Woods raised concerns about Goldman Sachs Group Inc’s ability to grow revenue in a tough trading environment and cut its rating on Wednesday, a day after the bank reported a 40 percent slump in bond trading revenue.

A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo

Analyst Brian Kleinhanzl said there were doubts about the lender’s ability to gain even if the trading environment was to get better and downgraded the stock to “market perform” from “outperform”.

“To us, Goldman has become a show-me stock,” Kleinhanzl wrote in a note to clients.

“Goldman would need to consistently outperform in FICC trading for more than one quarter in order for us to become more constructive at this point in time.”

Kleinhanzl also cut his 12-month price target on the stock by $30 to $230. The median price target is $246.50, according to Thomson Reuters data.

Goldman’s results on Tuesday showed that the lender’s trading rout was deeper than the broad weakness that has plagued Wall Street due to historically low volatility.

The bank reported its weakest commodities results in its history as a public company with declines in most areas of fixed income currency and commodities (FICC) trading.

In sharp contrast, arch rival Morgan Stanley reported gains across most of its businesses and trumped Goldman in trading revenue.

The stock has been the worst performing among the big U.S. banks, losing 6.7 percent this year through Tuesday’s close, significantly underperforming the broader S&P 500 Financial Index, that has gained 6.4 percent.

Goldman shares were marginally down in morning trading on the New York Stock Exchange.