Goldman Sachs Analysts Slash Their Forecasts After Q1 Earnings

The Goldman Sachs Group, Inc. GS posted better-than-expected earnings for its first quarter.

Goldman Sachs reported quarterly earnings of $14.12 per share which beat the analyst consensus estimate of $12.35 per share. The company reported quarterly sales of $15.06 billion which beat the analyst consensus estimate of $14.81 billion.

Provision for credit losses was $287 million for the first quarter, lower than $318 million a year ago quarter, reflecting net provisions related to the credit card portfolio.

David Solomon, Chairman and CEO of Goldman Sachs, said, “While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients.”

Goldman Sachs shares gained 2.3% to trade at $515.32 on Tuesday.

These analysts made changes to their price targets on Goldman Sachs following earnings announcement.

• Barclays analyst Jason Goldberg maintained Goldman Sachs Group with an Overweight rating and lowered the price target from $760 to $720.
• Wells Fargo analyst Mike Mayo maintained the stock with an Overweight rating and cut the price target from $680 to $650.

Considering buying GS stock? Here’s what analysts think:

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