Citi Initiates Coverage Goldman Sachs (GS) with a Buy; Strong Value & Superior Execution
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Citi initiates coverage on Goldman Sachs (NYSE: GS) with a Buy rating and $145 price target, citing valuation, market share gains and investment opportunities.
Citi analyst says, "We believe GS shares are attractively priced at a modest premium to tangible book. Goldman is well positioned with a relatively clean balance sheet, and should pick up significant market share in key institutional businesses amid reduced capacity from fewer/distracted competitors and via strong execution. Also, we see potential upside from exceptional longer term investment opportunities in areas such as distressed investments, where we see GS as uniquely well positioned to invest...Near-term outlook likely better than consensus — Although we see very strong operating results near-term (esp in FICC where spreads are running ~5x above normal), our 2009 estimates are only slightly ahead of consensus, as we see GS absorbing ~$5 bil of losses on real estate and private equity investments, which we view as conservative. Once headwinds from marks have passed, we see the potential for significant upward revisions to earnings expectations (we see $14 in 2010 vs consensus of $11)."
To see more analyst ratings on GS Click Here.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding company and global investment banking, securities and investment management firm that provides services worldwide to a corporations, financial institutions, governments and high-net-worth individuals.
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