Goldman Sachs Group Inc GS reported mixed results for the first quarter, amid a solid start to the earnings season by banking majors.
RBC Capital Markets On Goldman Sachs
Analyst Gerard Cassidy maintained a Sector Perform rating while raising the price target from $339 to $375.
“Performance relative to our estimate was primarily driven by higher-than-expected total revenues and a lower-than-expected provision for credit losses, partially offset by higher-than-expected noninterest expense,” Cassidy said in a note.
He raised the earnings estimates for 2023 and 2024 from $31.97 to $33.00 per share and from $39.89 to $40.00, respectively, to reflect “higher Global Banking & Markets, Platform Solutions and Asset & Wealth Management revenues, lower operating expenses and lower provisions for loan losses, partially offset by lower expected revenues from the Marcus loan portfolio which is in the process of being disposed.”
Oppenheimer On Goldman Sachs
Analyst Chris Kotowski reiterated an Outperform rating and price target of $437.
“Goldman made hay while the sun was shining and earned a 24%+ ROTCE in 2021. Today the sun is not shining,” Kotowski wrote in a note.
He added that the bank still earned “a respectable ROTCE of 12.6%.” “It's not everything that one aspires to, but then again these are some of the worst underwriting and M&A deal volume comparisons ever,” the analyst stated.
Check out other analyst stock ratings.
UBS On Goldman Sachs
Analyst Brennan Hawken reiterated a Buy rating and price target of $385.
“Results included the sale of some Marcus loans, a net 4c headwind from the mark partially offset by a reserve release, but caused noise in revenue and provision,” Hawken wrote in a note.
Adjusting for all the noise, the bank’s core revenues were “marginally stronger than our forecast, with IBD and Platform Solutions the bright spots (12c and 11c tailwinds, respectively) with other businesses roughly in line,” he added.
JMP Securities On Goldman Sachs
Analyst Devin Ryan maintained a Market Outperform rating and price target of $470.
“Goldman Sachs’ first-quarter earnings included some noise that we think weighed on the optics (and some first reactions) of the results,” Ryan said. “That said, we characterize the core revenue drivers and the expense trajectory as inline to better than our model,” he added.
“Furthermore, to be clear, despite several headlines we read, the company reported a robust trading result,” the analyst further stated.
GS Price Action: Shares of Goldman Sachs were down 0.42% to $332.41 at the time of publishing Wednesday.
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