Citi analyst Keith Horowitz maintained a Hold rating on Goldman Sachs Group today and set a price target of $765.00.
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Keith Horowitz has given his Hold rating due to a combination of factors impacting Goldman Sachs Group’s stock performance. The company reported a topline beat driven by its Global Banking and Markets division, yet the stock underperformed on the day, reflecting a full valuation and relatively soft results in the Equities sector. Despite positive trends in the environment for monetization, the recognition of Asset and Wealth Management incentive fees at the desired pace still requires time.
Furthermore, while banking revenues showed significant year-over-year growth, the overall valuation appears to be balanced by the company’s current performance metrics. Horowitz’s estimates suggest a return on tangible common equity (ROTCE) of 17% for the next year, with potential upside from Asset and Wealth Management to enhance returns. Consequently, the price target has been adjusted to reflect an 18% ROTCE assumption, aligning with management’s current targets.
In another report released yesterday, Morgan Stanley also maintained a Hold rating on the stock with a $828.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GS in relation to earlier this year.