Wells Fargo hikes Goldman Sachs price target, says investors aren't pricing in strong 2023 returns
The new price target implies upside of about 12% from Tuesday's close. "GS isn't getting credit for expected '23 and '24 returns that are below target and could have greater upside if targets are achieved," Mayo said, noting that a new analysis of return on tangible equity to price-to-tangible book positions Goldman Sachs as 19% undervalued relative to peers.
4x tangible book instead of 1.2x, or roughly one-fifth higher than current levels," he noted. Headcount reductions earlier this year and a solid start to 2023 capital markets should offer some support. Shares of Goldman Sachs have so far gained 9% in 2023. Last month, the investment bank posted its largest earnings miss in a decade as revenues declined and expenses ticked up amid a challenging macro environment.
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