Goldman Sachs upgraded to Buy from Hold at Odeon Capital

Odeon Capital analyst Dick Bove upgraded Goldman Sachs to Buy from Hold with a $355.75 price target. The company has warned that “this will not be a good quarter” and analysts have taken down the consensus quarterly number by over 40% as “there seems to be a competition among analysts as to who can justify the lowest earnings estimate for Goldman Sachs’ second quarter.” However, Odeon notes that shares are still selling at a 2% premium to book value when many banks are selling at discounts to net worth as investors are now looking beyond the coming quarterly results, which the firm calls “the correct way to assess this company.” Odeon adds that it sees “a strong possibility that the company’s common stock will rally on the 19th when its earnings are produced.”