Nomura Securities Reiterates a 'Buy' on Goldman Sachs (GS); Raising FY12 Estimates, Maintains '13
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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: 6 | Down: 4 | New: 7
Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
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Nomura Securities reiterates a 'Buy' on Goldman Sachs (NYSE: GS) price target of $145.00.
Analyst, Glenn Schorr, said, "GS reported EPS of $3.92 vs. Our/Street estimates of $3.50/$3.52. Adjusting for $225mm of DVA and $175mm of impairment/litigation costs, we think core EPS was closer to $4.40 (core ROE of 13% vs. reported 12%). While FICC wasn’t as big as some expected (-17% y/y ex DVA), we think the underperformance vs. JPMorgan (NYSE: JPM) and Citi (NYSE: C) was mostly driven by business/client mix differences and Goldman’s reduced risk appetite. On the expense front, Goldman showed good trends, with a full comp accrual and non-comp expense down 8% sequentially. We think Goldman deserves to trade at a premium to tangible book value. FY12E/FY13E EPS from $12.50/$14.00 to $12.85/$14.00, respectively."
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 $116.86 yesterday.
Analyst, Glenn Schorr, said, "GS reported EPS of $3.92 vs. Our/Street estimates of $3.50/$3.52. Adjusting for $225mm of DVA and $175mm of impairment/litigation costs, we think core EPS was closer to $4.40 (core ROE of 13% vs. reported 12%). While FICC wasn’t as big as some expected (-17% y/y ex DVA), we think the underperformance vs. JPMorgan (NYSE: JPM) and Citi (NYSE: C) was mostly driven by business/client mix differences and Goldman’s reduced risk appetite. On the expense front, Goldman showed good trends, with a full comp accrual and non-comp expense down 8% sequentially. We think Goldman deserves to trade at a premium to tangible book value. FY12E/FY13E EPS from $12.50/$14.00 to $12.85/$14.00, respectively."
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 $116.86 yesterday.
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