Nomura Securities Maintains a 'Buy' on Goldman Sachs (GS); 3Q11 First Read: Asset Price Declines Hurt the Most
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Price: $1,039.42 -0.31%
Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
Up
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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Nomura Securities maintains a 'Buy' on Goldman Sachs (NYSE: GS) price target of $150.00.
Nomura analyst, Glenn Schorr, said, "Well, we were braced for impact and we got it. The loss was very much attributable to the decline in global asset prices, as GS is the most assetsensitive of the big banks/brokers, but investment banking and overall revenues were weak, too (similar to peers). The good news is that the markets are up so far in 4Q11 (MSCI-EAFE and S&P 500 both up 6%, ICBC up 12.5%) and 3Q11 results showed that commissions, equity trading, M&A and investment management are all in decent shape (with higher IB pipelines). While investors are disappointed with a 6% YTD ROE, with the stock trading at 0.8x tangible book value and more buybacks and comp leverage on the way, we think it remains attractive."
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 $96.90 yesterday.
Nomura analyst, Glenn Schorr, said, "Well, we were braced for impact and we got it. The loss was very much attributable to the decline in global asset prices, as GS is the most assetsensitive of the big banks/brokers, but investment banking and overall revenues were weak, too (similar to peers). The good news is that the markets are up so far in 4Q11 (MSCI-EAFE and S&P 500 both up 6%, ICBC up 12.5%) and 3Q11 results showed that commissions, equity trading, M&A and investment management are all in decent shape (with higher IB pipelines). While investors are disappointed with a 6% YTD ROE, with the stock trading at 0.8x tangible book value and more buybacks and comp leverage on the way, we think it remains attractive."
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 $96.90 yesterday.
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