BUZZ-Intertek: GS says re-rating overdone, cuts to "sell"

** Goldman Sachs downgrades British testing co Intertek Group to "sell" from "neutral" says the re-rating is overdone

** "Given our forecasts for 7% EPS CAGR over 2019-23 (unchanged) which is slower than the growth seen in the last three years, we think its premium multiple is not warranted," GS says

** Intertek shares have gained 13% in the last three months, stock now trades close to all time highs on P/E and EV/EBITDA

** GS says the fundamentals of Intertek's business remain solid, expects recovery in organic growth to 5% levels by 2020

** Says sees EBITA margin growth moderating after two years of strong expansion

** Maintains PT of 5400p, implying ~4.6% downside from last closing price

** Intertek is -1.3% in early trade, up 18% YTD at Monday's close