Citi raises Goldman Sachs’ price target amid a 61% annual share gain, while Bank of America trims its outlook post-earnings.
Goldman Sachs Group Inc (NYSE:GS) shares have climbed 61% over the past year and 9% year-to-date, reflecting strong investor interest. Citi adjusted its price target for GS to $930 from $765 on May 8, maintaining a Neutral rating as part of a broader banking sector reassessment.
Bank of America previously lowered its price target to $1,050 from $1,100 on April 14, citing excessive investor optimism after first-quarter earnings. GS reported $17.55 in earnings per share, surpassing estimates of $16.49. Analysts noted the firm’s solid results failed to meet heightened expectations.
Jim Cramer highlighted Goldman Sachs’ role in AvalonBay’s merger with Equity Residential, calling its valuation of 17 times earnings “ridiculously low” compared to potential merger fees.