After Goldman Sachs (GS) posted mixed first-quarter results yesterday, KBW lowered its target price to $210 from $215, and BMO reduced it to $260 from $262. However, Morgan Stanley increased its target price to $218 from $207.
Of the 25 analysts covering the Goldman Sachs, 13 recommend “hold,” ten recommend “buy,” and two recommend “sell.” Their target price of $230 per share implies a 15.1% upside based on its April 15 closing price of $199.91. Most analysts covering Wells Fargo (WFC) and JPMorgan Chase (JPM) recommend “hold,” and most covering Bank of America (BAC) and Citigroup (C) recommend “buy.”
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Goldman Sachs stock had risen 19.7% this year as of yesterday, and its forward PE multiple of 8.2x was ~23% lower than its historical average of 10.6x. The bank’s lower valuation has boosted its stock. In comparison, Wells Fargo, JPMorgan Chase, Bank of America, and Citigroup stock had risen 1.5%, 12.6%, 21.1%, and 29.4%, respectively.