Keefe, Bruyette & Woods Downgrades Goldman Sachs (GS) to Market Perform

Keefe, Bruyette & Woods analyst David Konrad downgraded Goldman Sachs (NYSE: gs) from Outperform to Market Perform with a price target of $660.00 (from $690.00).

The analyst comments: "We are downgrading Goldman's shares to Market Perform due to an elevated valuation and a more balanced risk/reward relationship. GS still has catalysts including a strong trading environment, improving IB backdrop, restructuring its consumer business and improving margins in Asset Management; however, GS is at peak valuation with potential headwinds against strong market expectations owing to market uncertainty surrounding tariffs, inflation, interest rates and government policies. These uncertainties have led to a disappointing start of the year in investment banking, driving a recent rotation away from capital market stocks. GS has underperformed the BKX over the past five days by 200bps, but since the fall of 2022, GS has outperformed by 70%, driving the valuation to near 2x TBV vs. 1.2x historically."

For an analyst ratings summary and ratings history on Goldman Sachs click here. For more ratings news on Goldman Sachs click here.

Shares of Goldman Sachs closed at $614.91 yesterday.

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