The article analysis stocks movements and recent developments for the bank
Goldman Sachs Group Inc. has a significantly unstable week from September 21 to 28, with share price performance representing essential volatility that has impacted banking stock across the board. During the period, the weakest stock performance was recorded yesterday, pushing the stock down by 4% to $173.11. The bank has total market capitalization of $77.84 billion.
Goldman stock had 52 week low and high of $171.26 and $218.77, respectively. The article has tried to evaluate the stock performance of the company, and the factors involved in share price movement during the week.
Talking about the recent developments, Fitch rating reduced the credit rating of fund quality for Goldman Sachs Ltd. Maturity Obligations Fund to ‘AA’ from ‘AAA’. Moreover, the rating firm verified the volatility rating of fund at ‘V1’ level, justifying the downgrade on the credit quality of Goldman Sachs theory that has undermined, as per the calculation of Fitch Weighted Average Rating Factor.
Goldman Sachs’ M&A business is comparatively performing well than its peers. Whereas other banks are finding it difficult to enhance their performance, GS has not only performed better than its peers, but it has done that with a substantially wide margin. The Bank has 12/3% of market share in merger & acquisition space, and has made $2.3 billion of revenues up till now from its merger & acquisitions activities.
On the whole, Goldman Sachs stock news shows that the stock has declined over 4% during the week. The most damage took place yesterday that forces the shares down over 3.7% to reach at $173.11. The company stock has been impacted by global macroeconomic issues and a closer zero interest rate conditions. However, other bank stocks have performed along similar lines, GS surfaces amid the worst hit.
Majority of analysts are Neutral on the stock and suggested shareholders to cautious strategy while considering the stock. Almost 32 analysts covered the stock on Bloomberg, out of which 10 gave it a Buy, 20 suggested a Hold, and only 2 advised a Sell rating. The company’s 12 month average price target is $214.67, which shows an upside of over 24% compared to last closing price.
Talking about the sell side update lately, Steven Chubak an analyst at Nomura Securities suggested a rating of Neutral on GS stock, with an expected target price of $215. N the other hand, Christian Bolu, an analyst at Credit Suisse rated the stock as Outperform with a projected price target of $215. Interestingly, in spite of the bearish outlook surrounding the stock, Oppenheimer & Co. analyst, Christopher M. Koto recently updated the company stock to Outperform.
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