Goldman Sachs Analysts Boost Their Forecasts Following Better-Than-Expected Earnings

Goldman Sachs Group Inc. GS reported better-than-expected results for its second quarter on Monday.

Goldman posted revenue of $12.730 billion for the second quarter, beating the consensus of $12.456 billion. The U.S. financial services giant reported GAAP EPS of $8.62, beating the consensus of $8.35, according to data from Benzinga Pro.

Global Banking & Markets revenues were $8.18 billion, up 14% year over year. Asset & Wealth Management revenue was $3.88 billion for the second quarter of 2024, 27% higher than last year.

Provision for credit losses was $282 million for the second quarter, compared with losses of $615 million a year ago, reflecting net provisions related to the credit card portfolio (driven by net charge-offs).

David Solomon, Chairman and CEO, said, “We are pleased with our solid second-quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management.”

Goldman Sachs shares gained 2.1% to trade at $502.27 on Tuesday.

These analysts made changes to their price targets on Goldman Sachs after the company reported quarterly results.

• Morgan Stanley analyst Betsy Graseck maintained Goldman Sachs with an Overweight rating and raised the price target from $475 to $513.
• Oppenheimer analyst Chris Kotowski maintained Goldman Sachs with an Outperform rating and increased the price target from $504 to $559.
• RBC Capital analyst Gerard Cassidy maintained the stock with a Sector Perform rating, while raising the price target from $435 to $500.
• JP Morgan analyst Kian Abouhossein maintained the stock with an Overweight rating, while increasing the price target from $461 to $464.
• Evercore ISI Group analyst Glenn Schorr maintained Goldman Sachs with an Outperform rating and raised the price target from $475 to $520.
• Barclays analyst Jason Goldberg maintained the stock with an Overweight rating, while increasing the price target from $493 to $565.
• Citigroup analyst Keith Horowitz maintained the stock with a Neutral rating and raised the price target from $460 to $485.

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