Analysts’ activity

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.”

How Analysts Reacted to Goldman’s Q1 Results

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Stock performance

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.

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