Analyst Daniel Fannon from Jefferies maintained a Buy rating on Goldman Sachs Group (GS – Research Report) and decreased the price target to $597.00 from $646.00.
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Daniel Fannon has given his Buy rating due to a combination of factors that highlight Goldman Sachs Group’s strong performance and strategic positioning. The firm has demonstrated resilience in managing market volatility, as evidenced by its increased earnings per share estimates for the upcoming fiscal years. This is supported by robust trading revenues, particularly in equities and fixed income, currencies, and commodities (FICC), which have consistently outperformed expectations.
Furthermore, Goldman Sachs continues to maintain its leading position in mergers and acquisitions advisory, with management anticipating a significant amount of M&A activity throughout the year. The firm’s asset and wealth management division also shows strong momentum, with record assets under supervision and consistent long-term fee-based net inflows. Additionally, Goldman Sachs has a solid capital position, with a focus on capital deployment, dividend growth, and a substantial stock repurchase program, all of which contribute to the positive outlook for the company’s stock.
Fannon covers the Financial sector, focusing on stocks such as Charles Schwab, Morgan Stanley, and Goldman Sachs Group. According to TipRanks, Fannon has an average return of 11.4% and a 66.39% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $720.00 price target.