After opening down 1.5% on a rare quarterly earnings miss, investors are swooping in to buy investment bank Goldman Sachs (NYSE: GS), possibly helped by what is viewed as a un-demanding valuation at around 1.1x tangible book value. The stock last traded up 1.2% to $181.74.

Goldman reported third quarter EPS of $2.90 and adjusted EPS of $2.64, which both fell short of the $3.00 Wall Street consensus. Revenues of $6.86 billion also missed the consensus of $7.14 billion.

The miss was driven by weaker core trading results and investment management revenue.

Nomura analyst Steven Chubak said expectations were for a better result from Goldman in trading following strong Equities revenues from peers, and "less bad" FICC results as well.

He said he expects shares to underperform and sees negative estimate revisions following today’s result, though he said with shares trading at <1.1x TBV, valuation should provide some support.

Shares of Goldman and other U.S. banks have been hurt over the past few months on the "lower for longer" view on interest rates from the Fed. The stock is down 17% from its June high of $218.77.