Wall Street Zen Upgrades The Goldman Sachs Group (NYSE:GS) to Buy

Key Points

• Wall Street Zen upgraded Goldman Sachs from “Hold” to “Buy,” although the broader analyst consensus remains “Hold,” with a consensus price target of $1,052.48.
• Analyst views remain mixed: price targets range from $950 to $1,175 among recent firms, while TD Cowen also issued a “Buy” rating with a $1,050 target.
• Goldman Sachs delivered a strong quarter, reporting $17.01 in EPS and $18.68 billion in revenue, exceeding expectations; revenue increased 23% year over year.

The Goldman Sachs Group (NYSE:GS - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently issued reports on the company. HSBC lifted their price objective on The Goldman Sachs Group from $995.00 to $1,007.00 and gave the company a "hold" rating in a research note on Monday, September 28th. Wells Fargo & Company dropped their price objective on The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an "overweight" rating on the stock in a research report on Friday, September 25th. JPMorgan Chase & Co. lifted their target price on shares of The Goldman Sachs Group from $955.00 to $970.00 and gave the stock a "neutral" rating in a research report on Friday, October 16th. BMO Capital Markets lowered their target price on The Goldman Sachs Group from $970.00 to $950.00 and set a "market perform" rating on the stock in a report on Monday, October 19th. Finally, TD Cowen assumed coverage on shares of The Goldman Sachs Group in a research note on Thursday, October 8th. They issued a "buy" rating and a $1,050.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $1,052.48.

The Goldman Sachs Group Price Performance

Shares of NYSE GS opened at $876.07 on Friday. The company has a debt-to-equity ratio of 2.82, a quick ratio of 0.63 and a current ratio of 1.10. The Goldman Sachs Group has a fifty-two week low of $754.00 and a fifty-two week high of $1,153.99. The stock has a market cap of $255.08 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 0.84 and a beta of 1.29. The stock has a fifty day moving average of $959.69 and a 200-day moving average of $990.65.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its quarterly earnings data on Tuesday, October 13th. The investment management company reported $17.01 earnings per share for the quarter, beating analysts' consensus estimates of $12.86 by $4.15. The company had revenue of $18.68 billion for the quarter, compared to analysts' expectations of $16.83 billion. The Goldman Sachs Group had a return on equity of 19.55% and a net margin of 15.77%. The Goldman Sachs Group's revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period last year, the firm posted $12.25 EPS. Equities research analysts anticipate that The Goldman Sachs Group will post 70.89 earnings per share for the current year.

Hedge Funds Weigh In On The Goldman Sachs Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Orange County Employees Retirement System purchased a new stake in The Goldman Sachs Group during the second quarter worth approximately $69,537,544,000. BlackRock Inc. bought a new position in The Goldman Sachs Group during the 2nd quarter valued at about $24,172,123,000. Bank of America Corp DE acquired a new stake in The Goldman Sachs Group in the 2nd quarter valued at about $6,756,772,000. Bank of New York Mellon Corp bought a new stake in shares of The Goldman Sachs Group during the 2nd quarter valued at $2,560,028,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of The Goldman Sachs Group in the 1st quarter valued at approximately $2,024,921,000. Hedge funds and other institutional investors own 71.21% of the company's stock.

Key Stories Impacting The Goldman Sachs Group

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

• Positive Sentiment: Freedom Broker upgraded GS from “Hold” to “Buy” and set a $1,100 price target, implying approximately 25.6% upside from the referenced share price. However, the target was reduced from $1,200, which somewhat tempers the bullish signal. Freedom Broker upgrades Goldman Sachs to Buy
• Positive Sentiment: Goldman Sachs reported particularly strong equities performance in the third quarter, with net revenue rising 72% year over year to $6.44 billion. Robust client activity, financing demand and derivatives contributed to the result, supporting optimism about earnings momentum. Goldman Sachs equities revenue growth
• Positive Sentiment: Zacks upgraded Goldman Sachs to a Rank #2 (“Buy”), citing improving expectations for the company’s earnings prospects. Zacks upgrades Goldman Sachs to Buy

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global financial services company that provides investment banking, securities, asset management and wealth management services to corporations, financial institutions, governments and individual investors. Its investment banking activities include advising on mergers and acquisitions, public and private offerings, restructurings and other strategic transactions.

Through its global markets businesses, Goldman Sachs helps clients buy and sell securities and other financial instruments and provides financing, risk management and market-making services.

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