Goldman Sachs price target lowered to $345 from $370 at Deutsche Bank

Deutsche Bank analyst Matt O’Connor lowered the firm’s price target on Goldman Sachs to $345 from $370 and keeps a Hold rating on the shares. The analyst believes new lows seem likely for U.S. bank stocks. He assumes bank stocks will trade below their historical 60%-80% range, saying bank earnings may be peaking. He also sees downside risk from reserve build and valuations if there is a recession.