Wells Fargo analyst Mike Mayo lowered the firm’s price target on Goldman Sachs (GS) to $650 from $680 and keeps an Overweight rating on the shares. The firm notes Goldman beat on strong trading, low tax rate, and big buybacks, but with a somewhat more uncertain trade outlook. Wells is reducing forward estimates to reflect weaker IB and slower A&WM, but sees upside to the current stock price if Goldman executes in A&WM and capital.
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