Goldman Sachs (GS) PT Raised to $373 at BMO Capital

BMO Capital analyst James Fotheringham raised the price target on Goldman Sachs (NYSE: GS) to $373.00 (from $360.00) while maintaining a Market Perform rating.

The analyst commented, "Following GS's 2Q24 small revenue beat, we raise estimates by as much as +3%; higher GB&M revenues and lower provisions more than offset higher compensation costs. Despite recovering capital markets activity, 2Q24 RoE fell below 11% due to ongoing drag from enterprise platforms, M&A still trending 20% below long-term trends, and depressed asset management returns. Our new $373 target price (was $360) is predicated on 1.1x two-year-forward TCE (product of 12% RoTCE and 9x target P/E)."

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