Goldman Sachs price target lowered to $356 from $384 at Morgan Stanley

Morgan Stanley analyst Betsy Graseck lowered the firm’s price target on Goldman Sachs to $356 from $384 and keeps an Equal Weight rating on the shares. In her Q4 preview for the large-cap banks, Graseck said she expects above-consensus expense guidance to likely weigh on bank stocks and she forecasts a "provision-led consensus miss" for the banks as a group as they bake a higher probability of a tougher economy into reserves. For Goldman, she is lowering her Q4 EPS forecast 43% to $4.30 and cutting her 2023 EPS view by 12% on lower revenues and higher provisions, partially offset by lower expenses.