Goldman Sachs price target lowered to $339 from $370 at RBC Capital

RBC Capital lowered the firm’s price target on Goldman Sachs to $339 from $370 and keeps a Sector Perform rating on the shares. The analyst states that the "excessive" tightening by the Federal Reserve resulting in a "deep recession" in 2023 poses a key risk for the bank as it would bring on elevated levels of credit losses, which would depress earnings. The company’s results were challenged in 2022 due to market conditions, but Goldman Sachs likely maintained many of their leadership positions in investment banking and trading, RBC adds.