Cramer Still Likes Goldman Sachs (GS), But He'd Trim His Position
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Jim Cramer sent out a note today to his ActionAlertsPlus subscribers regarding one of his favorite positions, Goldman Sachs (NYSE: GS)
Goldman Sachs shares have rallied to day after well-known bank analyst, and long-term bear Meredith Whitney turned bullish and upgraded it. Whitney She expects a strong Q2 and better overall earnings momentum, led by debt issuance as well as trading and capital markets activity.
Cramer's opinion on Goldman Sachs hasn't changed and that's why it still remains one of his largest positions in his portfolio. Despite the $100 move in GS, he said shares are still attractive at 1.5 times book value, which is a discount to its long-term average of 2.5 times. That being said, if Jim wasn't restricted, he'd trim 100 shares off his 1000 share position he has in the company.
He said he would sell 10% of his position given that expectations have risen (two upgrades in the last two trading days, with numerous upward earnings revisions over the last several weeks), and he has a large gain from his last purchase at $50.
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