Shares of Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -3.22% slipped 0.4% in morning trading Friday, even as BMO Capital analyst James Fotheringham turned bullish, citing a strong capital position, relatively small loan book and limited reliance on spread income. Fotheringham raised his rating to outperform, after being at market perform for at least the past three years, while raising his stock price target by 35%, to $276 from $205. He said Goldman is better positioned than other moneycenter banks to weather the environment of continued low interest rates and declining credit metrics brought on by the effects of the COVID-19 pandemic on the economy. "From a credit perspective, we expect [Goldman] can withstand the $8 billion (pre-tax) of expected cumulative credit losses (both on and off balance sheet 1Q20A-1Q22E)," Fotherginham wrote in a note to clients. Goldman's stock has lost 26.7% over the past three months, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -2.50% has shed 32.1% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.75% has declined 19.6%.