Goldman Sachs price target raised to $337 from $329 at Morgan Stanley

Morgan Stanley analyst Betsy Graseck raised the firm’s price target on Goldman Sachs to $337 from $329 and keeps an Equal Weight rating on the shares. Following Goldman’s quarterly report, the firm is lowering 2023 EPS by about 1% on lower revenues and higher expenses and raising 2024 EPS 3% on lower provision, partially offset by lower revenues and higher expenses. Goldman announced that they sold about 25% of their $4.5B Marcus loan book, with the remaining 75% marked and held for sale, notes the firm, which also points to dispositions/paydowns of historical principal investments as "another place GS is freeing up capital," though management noted on the call that they expect to moderate share repurchases in Q2 relative to Q1.