Piper Sandler Analyst Sees More Upside For Goldman Sachs

Even after the impressive run this year with shares of Goldman Sachs Group Inc GS, there is more upside to come, Piper Sandler analyst Jeffery Harte said Thursday on CNBC's "The Exchange."

What Happened: The Piper Sandler analyst maintained Goldman Sachs with an Overweight rating and raised the price target from $385 to $420 on Tuesday.

Related Link: Expert Ratings for Goldman Sachs Group

Harte told CNBC that his outlook for Goldman Sachs is more optimistic than most analysts and he doesn't think he is aggressive in terms of expectations. 

There is a stronger possibility of an upside surprise than downside risk when it comes to his earnings expectations over the next couple of years, Harte noted.

The strength of the capital markets will continue to act as a tailwind for Goldman Sachs, Harte added. 

The stock is undervalued at current levels, as it trades at one and a half times tangible book value, he told CNBC.

GS Price Action: Goldman Sachs is making new all-time highs today. The stock is up 47.47% year-to-date.

See Also: Stocks That Hit 52-Week Highs On Thursday

At last check Thursday afternoon, Goldman Sachs was up 1.24% at $388.94.

(Photo by Nesster from Flickr.)