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June 29, 2022, 10:29 a.m. EDT

Bank of America upgrades Goldman Sachs on relative performance to other banks, but cuts earnings view

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    Goldman Sachs Group Inc. (GS)

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By Steve Gelsi


Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -1.57% rose 1.6% after Bank of America analyst Ebrahim H. Poonawala upgraded the company to buy from neutral on his view that the bank offers a relatively better value than its peers in a looming economic downturn. Poonawala raised his price target on Goldman to $380 a share from $360 a share. Goldman's revenue could also benefit from geopolitical volatility and monetary policy which may drive elevated trading activity. However, Poonawala cut his Goldman Sachs earnings estimate for 2022 to $33.17 a share from $38.73 a share and his 2023 earnings estimate to $36.83 a share from $38.50 a share. "Our ratings change (first upgrade of 2022) does not indicate an improved outlook for bank stocks," Poonawala said. "To the contrary, we see the stock as well-positioned to outperform in what is likely to be a worsening economic backdrop that could weigh more materially on the EPS outlooks for its balance sheet lending heavy peers."

$ 318.50
-5.07 -1.57%
Volume: 1.30M
Oct. 2, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$106.67 billion
Rev. per Employee

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