UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Goldman Sachs

In a report published Monday, Citigroup reiterated its Buy rating on Goldman Sachs Group GS, and raised its price target from $120.00 to $140.00. Citigroup noted, “We see core sales & trading revenues rising about 1% q/q to just about $4 billion vs $3.9 billion in 2Q – driven by better FICC as Equities remains weak. In FICC we expect Rates, Credit & Mortgage to be generally decent contributors, offset by softer performances in FX & Commodities – but overall see revenues rising ~2% q/q off of a depressed 2Q base. Equities performance is likely to again be poor – and even including an estimated $200 mil benefit from the Knight Capital group trade, we see Equities revenues flat q/q (vs a typical double-digit summer decline) but not much better than 2Q's exceptionally poor Equity Trading performance.” Goldman Sachs Group closed on Friday at $121.36.