Goldman Sachs downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research analyst Steven Chubak downgraded Goldman Sachs to Peer Perform from Outperform without a price target. The mid-point of the analyst’s fair value range of $388 supports 13% upside to the shares. Chubak views Goldman’s valuation on a price-to-earnings basis as "more full" and says Basel IV poses a threat to its returns and multiple. The analyst also sees downside risk to 2023 and 2024 consensus estimates.