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Goldman Sachs (GS) PT Raised to $549 at Oppenheimer

April 18, 2022 8:17 AM EDT
Get Alerts GS Hot Sheet
Price: $351.68 +1.08%

Rating Summary:
    20 Buy, 18 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 37 | New: 8
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Oppenheimer analyst Chris Kotowski raised the price target on Goldman Sachs (NYSE: GS) to $549.00 (from $515.00) while maintaining an Outperform rating.

The analyst commented, "Investment banks drive many sell-side analysts crazy. Analysts like to have their tidy models where the revenue lines all go up and to the right slightly faster than the expense lines, and at the bottom of the model EPS and ROTCE numbers drop out. But in real life, investment banks work the other way around. Management knows that barring some serious abnormality, they need to deliver a competitive ROTCE (say mid-teens in the current environment), and so if they're using a certain amount of capital ($97B in Goldman's case), then they need to deliver a certain amount of earnings. The revenues (in the short-run) will be determined largely by the environment, and what drops out at the bottom is how much management can compensate employees."



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