Goldman Sachs Group Upgraded to Buy at Deutsche Bank (GS)
Goldman Sachs Group (NYSE:GS) was upgraded by investment analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $181.00 target price on the stock, up from their previous target price of $163.00. Deutsche Bank’s price target suggests a potential upside of 13.15% from the stock’s previous close.
The analysts wrote, “Since post 4Q12 EPS (i.e. late January 2013), GS shares have lagged peers by 700bps—likely due to a disappointing 3Q (and even 2Q in some areas) and uncertainty over pending regulation. From here, expectations seem low, 4Q should benefit from continued comp flexibility (we don’t think GS used all of this in 3Q), likely better relative performance in both FICC and EQ trading and good completed M&A. 1Q should also benefit from higher seasonality. With the stock trading at just a modest premium to stated book, we see decent valuation support. Our new 12 month TP of $181 assumes GS trades at 1.1x our year end 2014 projected stated book value of $166.”
Several other analysts have also recently commented on the stock. Analysts at Susquehanna cut their price target on shares of Goldman Sachs Group from $187.00 to $185.00 in a research note to investors on Friday, October 18th. They now have a “positive” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Goldman Sachs Group in a research note to investors on Friday, October 18th. They now have a $166.00 price target on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Goldman Sachs Group in a research note to investors on Thursday, October 17th. Seventeen research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $163.76.
Shares of Goldman Sachs Group (NYSE:GS) traded up 1.41% on Thursday, hitting $159.96. The stock had a trading volume of 2,595,960 shares. Goldman Sachs Group has a 52-week low of $105.31 and a 52-week high of $169.69. The stock has a 50-day moving average of $160.7 and a 200-day moving average of $155.1. The company has a market cap of $73.342 billion and a price-to-earnings ratio of 9.55.
Goldman Sachs Group (NYSE:GS) last issued its quarterly earnings data on Thursday, October 17th. The company reported $2.88 earnings per share for the quarter, meeting the analysts’ consensus estimate of $2.88. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $7.36 billion. During the same quarter in the previous year, the company posted $2.85 earnings per share. The company’s revenue for the quarter was down 19.5% on a year-over-year basis. On average, analysts predict that Goldman Sachs Group will post $15.00 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, December 30th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Wednesday, November 27th. This is a boost from Goldman Sachs Group’s previous quarterly dividend of $0.50.
The Goldman Sachs Group, Inc (NYSE:GS), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
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