Ticonderoga Maintains a 'Neutral' on Goldman Sachs (GS); Reports Q1'11 Beat
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Price: $1,039.42 -0.31%
Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga maintains a 'Neutral' on Goldman Sachs (NYSE: GS).
Ticonderoga analyst says, "GS reported Q1 EPS of $1.56 versus our $0.95 estimate. Ex the Buffett charge, EPS was $4.38 vs. our estimate of $3.79. We were at the high end. Net revenues were $11.9 billion, above our $10.5 billion estimate, driven by better than expected investment banking, equity trading, and principal gains. Excluding Buffett, ROE was 14.5%. Even including the charge and 9 million shares of buybacks, BV grew to $129.40, up from $128.72 last quarter...FICC Recovers. FICC revenues were $4.3 billion, up 164% from last quarter, driven by strength in all categories...Banking Solid as Well."
"Good quarter and a solid ROE of 14.5% should help alleviate some concerns. GS also took a charge for Litton (mortgage servicing), so core EPS was even better. GS is trading under 1.2x current book value, just reported an ROE of 14.5% and is free to repurchase shares. In addition, GS has a global core excess liquidity pool of $171 billion (highly liquid low-profit assets). Even with constant political and regulatory uncertainty, the stock should be trading close to 1.3x. which is $165-$170."
For more ratings news on Goldman Sachs click here and for the rating history of Goldman Sachs click here.
Shares of Goldman Sachs closed at $153.78 yesterday.
Ticonderoga analyst says, "GS reported Q1 EPS of $1.56 versus our $0.95 estimate. Ex the Buffett charge, EPS was $4.38 vs. our estimate of $3.79. We were at the high end. Net revenues were $11.9 billion, above our $10.5 billion estimate, driven by better than expected investment banking, equity trading, and principal gains. Excluding Buffett, ROE was 14.5%. Even including the charge and 9 million shares of buybacks, BV grew to $129.40, up from $128.72 last quarter...FICC Recovers. FICC revenues were $4.3 billion, up 164% from last quarter, driven by strength in all categories...Banking Solid as Well."
"Good quarter and a solid ROE of 14.5% should help alleviate some concerns. GS also took a charge for Litton (mortgage servicing), so core EPS was even better. GS is trading under 1.2x current book value, just reported an ROE of 14.5% and is free to repurchase shares. In addition, GS has a global core excess liquidity pool of $171 billion (highly liquid low-profit assets). Even with constant political and regulatory uncertainty, the stock should be trading close to 1.3x. which is $165-$170."
For more ratings news on Goldman Sachs click here and for the rating history of Goldman Sachs click here.
Shares of Goldman Sachs closed at $153.78 yesterday.
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