Goldman Sachs Group (GS:NYE) Stock Tanks on Earnings Miss: Fundamental Analysis is “Slightly” Bearish

GS:NYE Stock Forecast

According to 16 analysts’ forecast, the average target price for Goldman Sachs Group Inc’s stock is $395.85 over the next 12 months. The average analyst rating for the stock is “Buy.” However, Stock Target Advisor’s analysis of the stock is “Slightly Bearish,” based on 4 positive signals and 9 negative signals. The stock’s current price is $374.00 and has increased by 5.95% in the past week, 7.98% in the past month, and decreased by 1.82% over the past year.

Big Earnings Miss

Goldman Sachs Group has posted a bigger increase in expenses than analysts expected as it set aside more for compensation in the fourth quarter. Fourth-quarter compensation costs of $3.8 billion were 16% higher than in the same period last year, though that gauge dropped on a full-year basis. The bank’s leadership was too conservative with its set-aside for pay in the first nine months of 2022. The investment-banking giant has also poured billions of dollars into its retail effort, which includes the Apple Card and specialty-lending platform GreenSky. That operation, which posted revenue of $513 million for the quarter, has posted $3.8 billion in pretax losses over the past three years.  The results were widely expected to be awful some analysts state, however Goldman Sachs’s Q4 results were even more terrible than previously anticipated.

Analyst Coverage

Last week, Keefe Bruyette Woods Capital lowered their target price to $425, Jefferies Financial LLC has raised their target price to $393, Odeon Capital has upgraded the stock to “Hold” with a target price of $370.14. UBS maintained a “Neutral” rating and a target price raised from $325 to $350. Deutsche Bank Capital has lowered their target price from $370 to $345. STA Research maintained an “Underperform” rating. Morgan Stanley maintained an “Equal-Weight” rating with a target price cut from $384 to $356. Wolfe Research has downgraded the stock to “Peer Perform.” Barclays maintained an “Overweight” rating with a target price raised from the range of $410 to $495 per share.

 

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