Morgan Stanley lowered the firm’s price target on Goldman Sachs (GS) to $659 from $782 and keeps an Overweight rating on the shares. The robust capital markets rebound the firm expected in 2025 is not playing out as anticipated and the firm is lowering its estimates for investment banking revenues on the back of recent market conditions as volatility likely pushes out deal launches. However, large-cap bank and mid-cap advisor stocks “appear oversold against our new base case,” the analyst tells investors.
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