HSBC analyst Saul Martinez downgraded Goldman Sachs (GS) to Hold from Buy with a price target of $608, up from $569. The firm said it has been mostly constructive on brokers since initiating coverage given attractive revenue outlooks and, for Goldman, self-help opportunities. The analyst is even more positive today on fundamental outlooks, though investors should be wary of arguments that an investment banking supercycle drives shares much higher. The firm added that it still sees Goldman as leverages to an improved IB backdrop, though market expectations are much higher than they have been, leaving room for disappointment.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
