Daiwa upgraded Goldman Sachs to Outperform from Neutral with a price target of $430, up from $410. The analyst says the bank’s negative catalysts have largely played out given its progress with restructuring in consumer operations and the recording of impairment losses on office real estate investments. Daiwa also sees prospects for a recovery in the investment banking market. It believes Goldman’s profit growth will surpass market expectations thanks to tightened controls on fixed costs.
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