Goldman Sachs Analysts Boost Their Forecasts Following Better-Than-Expected Earnings
Goldman Sachs Group Inc. (NYSE:GS) reported better-than-expected results for its second quarter on Monday.
Goldman posted revenue of $12.730 billion for the second quarter, beating the consensus of $12.456 billion. The U.S. financial services giant reported GAAP EPS of $8.62, beating the consensus of $8.35, according to data from Benzinga Pro.
Global Banking & Markets revenues were $8.18 billion, up 14% year over year. Asset & Wealth Management revenue was $3.88 billion for the second quarter of 2024, 27% higher than last year.
Provision for credit losses was $282 million for the second quarter, compared with losses of $615 million a year ago, reflecting net provisions related to the credit card portfolio (driven by net charge-offs).
David Solomon, Chairman and CEO, said, “We are pleased with our solid second-quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management.”
Goldman Sachs shares gained 2.1% to trade at $502.27 on Tuesday.
These analysts made changes to their price targets on Goldman Sachs after the company reported quarterly results.
- Morgan Stanley analyst Betsy Graseck maintained Goldman Sachs with an Overweight rating and raised the price target from $475 to $513.
- Oppenheimer analyst Chris Kotowski maintained Goldman Sachs with an Outperform rating and increased the price target from $504 to $559.
- RBC Capital analyst Gerard Cassidy maintained the stock with a Sector Perform rating, while raising the price target from $435 to $500.
- JP Morgan analyst Kian Abouhossein maintained the stock with an Overweight rating, while increasing the price target from $461 to $464.
- Evercore ISI Group analyst Glenn Schorr maintained Goldman Sachs with an Outperform rating and raised the price target from $475 to $520.
- Barclays analyst Jason Goldberg maintained the stock with an Overweight rating, while increasing the price target from $493 to $565.
- Citigroup analyst Keith Horowitz maintained the stock with a Neutral rating and raised the price target from $460 to $485.
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