KBW Maintains Outperform on Goldman Sachs Group (GS)

KBW is out with its report today on Goldman Sachs Group GS, maintaining Outperform. In a note to clients, KBW writes, "Goldman's results were above expectations partly driven by strong trading, including an elevated contribution from Investment and Lending. However, both Institutional Client Services and Investment Banking also beat our estimate. Although we believe I&L results may not be sustainable, we are raising estimates. Finally, we believe a valuation of 1.1x forward book value is inexpensive compared to our ROE forecast of above 15%." KBW has a $210 PT on GS. At the time of posting, shares of GS were trading pre-market at $153.19, up 0.88% from Tuesday's close.