Nomura Securities Reiterates a 'Buy' on Goldman Sachs (GS); Adjusting Numbers After Review of Q3

Nomura Securities reiterates a 'Buy' on Goldman Sachs (NYSE: GS) price target lowered from $150 to $141.

Nomura analyst, Glenn Schorr, said, "GS reported EPS of -$0.84 vs Our/Street estimates of $0.00/-$0.07. The loss was driven by the broad decline in asset prices during 3Q11. Like peers, Goldman reported soft investment banking and lackluster FICC trading. On a positive note, several of Goldman’s client-facing businesses did well with equities revenues. Non-comp expense was a bit elevated even ex some noise, but comp expense has pretty much moved in line with revenue this year. Lastly, capital and liquidity remain healthy and GS bought back 18.1mm shares in the quarter. We reduce our 2011E from $5.71 to $4.57, 2012E from $13.50 to $12.75 and 2013E from $15.80 to $15.00."

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 $102.25 yesterday.

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