Goldman Sachs price target raised to $390 from $375 at RBC Capital

RBC Capital raised the firm’s price target on Goldman Sachs to $390 from $375 but keeps a Sector Perform rating on the shares after its Q4 earnings beat. The company had suffered from continued weakness that followed strength in investment banking during 2020-2021, but heading into Q1 of 2024, a change in Federal Reserve monetary policy may finally lead to a “bonafide improvement in investment banking conditions”, which would provide a much-needed tailwind to Goldman Sachs, the analyst tells investors in a research note. RBC has also raised its 2024 and 2025 EPS estimates for the stock to $31.92 and $39.22 from $30.05 and $38.18, respectively to reflect recent results and its latest outlook for the company’s performance.