Goldman Sachs price target raised to $425 from $410 at Citi

Citi raised the firm’s price target on Goldman Sachs to $425 from $410 and keeps a Neutral rating on the shares. The bank outperformed on Q1 results as it delivered a “very impressive” 16% return on tangible common equity, the analyst tells investors in a research note. However, the firm says that to make the argument for further multiple expansion, Goldman would need to be closer to demonstrating consistent mid-teens firmwide returns, which requires execution on strategic initiatives in asset wealth management.