The Goldman Sachs Group (NYSE:GS) Upgraded to "Strong-Buy" at TD Cowen

Key Points

• TD Cowen upgraded Goldman Sachs to “strong buy,” while other analysts generally remain bullish; the overall consensus rating is still “Hold,” with an average price target of $1,055.09.
• Goldman Sachs significantly exceeded quarterly expectations, reporting $20.98 EPS versus $14.47 expected and $20.34 billion in revenue, up 39.4% year over year.
• Institutional investors hold 71.21% of the company’s shares, while the stock trades below its recent moving averages and remains well below its 52-week high of $1,153.99.

The Goldman Sachs Group (NYSE:GS - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

Several other brokerages also recently commented on GS. Jefferies Financial Group set a $1,299.00 price objective on The Goldman Sachs Group in a research report on Wednesday, July 15th. Loop Capital set a $1,050.00 target price on The Goldman Sachs Group in a research report on Thursday. Bank of America boosted their price target on The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Evercore restated an "outperform" rating on shares of The Goldman Sachs Group in a research note on Monday, July 6th. Finally, Barclays increased their price objective on shares of The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $1,055.09.

The Goldman Sachs Group Price Performance

Shares of NYSE:GS opened at $882.26 on Wednesday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.63 and a quick ratio of 0.63. The Goldman Sachs Group has a 1-year low of $740.01 and a 1-year high of $1,153.99. The company has a market capitalization of $256.89 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.97 and a beta of 1.29. The firm's 50 day simple moving average is $992.83 and its two-hundred day simple moving average is $987.89.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The investment management company reported $20.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $14.47 by $6.51. The firm had revenue of $20.34 billion during the quarter, compared to analysts' expectations of $16.22 billion. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 19.16%. The company's revenue for the quarter was up 39.4% compared to the same quarter last year. During the same period in the prior year, the company posted $10.91 earnings per share. Research analysts expect that The Goldman Sachs Group will post 67.48 EPS for the current fiscal year.

Institutional Trading of The Goldman Sachs Group

Several hedge funds have recently modified their holdings of GS. Audent Global Asset Management LLC lifted its position in The Goldman Sachs Group by 10.1% during the 4th quarter. Audent Global Asset Management LLC now owns 5,238 shares of the investment management company's stock worth $4,604,000 after acquiring an additional 479 shares during the period. Wealthfront Advisers LLC acquired a new position in shares of The Goldman Sachs Group in the second quarter valued at about $53,720,000. Oak Grove Capital LLC purchased a new position in shares of The Goldman Sachs Group in the fourth quarter worth about $1,890,000. Sax Wealth Advisors LLC raised its stake in shares of The Goldman Sachs Group by 148.7% in the second quarter. Sax Wealth Advisors LLC now owns 3,529 shares of the investment management company's stock worth $3,569,000 after purchasing an additional 2,110 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of The Goldman Sachs Group by 14.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 17,422 shares of the investment management company's stock worth $17,606,000 after purchasing an additional 2,230 shares during the period. 71.21% of the stock is owned by hedge funds and other institutional investors.

More The Goldman Sachs Group News

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: TD Cowen initiated coverage of GS with a Buy rating and a $1,050 price target, implying meaningful upside from recent levels and providing a new bullish analyst view.
• Positive Sentiment: Goldman’s planned special equity awards of more than $500 million for CEO David Solomon and other senior executives reflect strong five-year performance relative to many rivals. However, the size of the payout could also raise shareholder concerns about compensation. Goldman to pay top executives $500mn in special bonuses
• Neutral Sentiment: Investors are reviewing analyst projections for Goldman’s September-quarter revenue, earnings and operating metrics ahead of results. The previews offer potential catalysts but do not provide new company-reported figures. Seeking Clues to Goldman Q3 Earnings
• Neutral Sentiment: Goldman’s market capitalization briefly fell below Canada’s Royal Bank of Canada after RBC’s decade of growth, highlighting increasing competition among global financial institutions but having limited direct impact on GS fundamentals.
• Neutral Sentiment: Goldman upgraded Occidental Petroleum to Buy and adjusted its Sunrun price target to $11 while retaining a Buy rating. These calls may support the firm’s investment-banking and research franchise, but they do not materially change GS earnings expectations.
• Negative Sentiment: Higher bond yields have contributed to a broad sell-off in Goldman and other financial stocks, reducing investor appetite for risk and pressuring GS valuation.
• Negative Sentiment: Citi reportedly moved ahead of Goldman in global IPO underwriting rankings after winning several major listings. Losing the long-held leadership position could raise concerns about future equity-capital-markets fees and deal flow. Is Goldman Sachs Losing Its Grip On Global IPO Underwriting?
• Negative Sentiment: A breach at EY exposed data involving some Goldman wealth-management clients. Goldman says its own systems were not affected and client assets remain safe, limiting the direct impact but creating reputational and client-confidence risks.
• Negative Sentiment: UBS lowered its expectations for GS’s share price, adding to the cautious analyst sentiment surrounding the stock.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.

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