Goldman Sachs Analysts Slash Their Forecasts After Q1 Earnings

The Goldman Sachs Group, Inc. GS posted better-than-expected earnings for its first quarter.

Goldman Sachs reported quarterly earnings of $14.12 per share which beat the analyst consensus estimate of $12.35 per share. The company reported quarterly sales of $15.06 billion which beat the analyst consensus estimate of $14.81 billion.

Provision for credit losses was $287 million for the first quarter, lower than $318 million a year ago quarter, reflecting net provisions related to the credit card portfolio.

David Solomon, Chairman and CEO of Goldman Sachs, said, “While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients.”

Goldman Sachs shares gained 2.3% to trade at $515.32 on Tuesday.

These analysts made changes to their price targets on Goldman Sachs following earnings announcement.

Barclays analyst Jason Goldberg maintained Goldman Sachs Group with an Overweight rating and lowered the price target from $760 to $720.
Wells Fargo analyst Mike Mayo maintained the stock with an Overweight rating and cut the price target from $680 to $650.

Considering buying GS stock? Here’s what analysts think: