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UPDATE: Nomura Reiterates On Goldman Sachs Group As Positive Sentiment Is Building


In a report published Tuesday, Nomura analyst Steven Chubak reiterated a Neutral rating on Goldman Sachs Group (NYSE: GS), and raised the price target from $155.00 to $156.00.

In the report, Nomura noted, “While GS shares have underperformed YTD, recent discussions suggest that positive sentiment is building. Despite revenue headwinds in some core businesses, growing contribution from higher-multiple segments, coupled with future sources of capital relief, should help drive value.

"We have been more cautious on the shares given “bindingness” concerns, ie, that the recently proposed Supplementary Leverage Ratio (SLR) will become the binding capital constraint for GS, dampening long-term ROE potential. However, there are additional capital/earnings levers which could meaningfully improve GS's ROE profile, prompting our scenario analysis within. Findings indicate the most likely path (deleveraging) could yield as much as a +100-200bp ROE uplift, or 7-14% upside vs our current TP ($156). However, even if such actions are taken, valuation approach supports a Neutral rating.”

Goldman Sachs Group closed on Monday at $165.85.

Latest Ratings for GS

Mar 2021Morgan StanleyMaintainsUnderweight
Jan 2021CitigroupMaintainsBuy
Jan 2021Credit SuisseMaintainsOutperform

View More Analyst Ratings for GS
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