Carl Zeiss Meditec falls after GS cuts to 'sell' on valuation concerns

** Carl Zeiss Meditec's AFXG.DE shares fall around 4% after Goldman Sachs cut its rating on the medical technology company to "sell" from "neutral", citing a disconnect between valuation and growth prospects

** GS says the stock has rerated despite a deteriorating outlook and meaningful earnings estimate cuts

** It believes the rerating was partly driven by Carl Zeiss Group's June announcement to invest up to €200 million to increase its stake in the company

** As that buying support fades, GS expects the gap between valuation and underlying fundamentals to close

** Cuts its PT on the stock to €23 from €27

($1 = 0.8941 euros)