UPDATE: BofA Securities Upgrades Goldman Sachs (GS) to Buy, 'Buying protection against the coming storm'
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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."
Shares of Goldman Sachs closed at $299.49 yesterday.
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