UPDATE: BofA Securities Upgrades Goldman Sachs (GS) to Buy, 'Buying protection against the coming storm'

June 29, 2022 6:44 AM EDT
Get Alerts GS Hot Sheet
Price: $296.11 -1.56%

Rating Summary:
    20 Buy, 18 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 11 | New: 34
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(Updated - June 29, 2022 6:44 AM EDT)

BofA Securities analyst Ebrahim Poonawala upgraded Goldman Sachs (NYSE: GS) from Neutral to Buy with a price target of $300.00 (from $360.00).

The analyst comments "We are upgrading Goldman Sachs-GS to Buy from Neutral. Our ratings change (first upgrade of 2022) does not indicate an improved outlook for bank stocks. To the contrary, we see the stock as well-positioned to outperform in what is likely to be a worsening economic backdrop that could weigh more materially on the EPS outlooks for its balance sheet lending heavy peers. As a result, we see the relative risk/reward as attractive with shares trading at 1.1x P/TBV and 8.1x 2023e P/E. Moreover, revenue growth could see a boost from a volatile geo-political backdrop and monetary policy, both have the potential to drive elevated trading activity for the foreseeable future. We revised our ‘22/’23e EPS lower by 14%/4% and are 14%/11% below consensus, but we believe that the risk of negative EPS revisions is discounted at current valuations."

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 $299.49 yesterday.

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