New York, July 18 (FinanceEnquiry.com) – Analyst Kenneth Leon at S&P CAPITAL IQ maintains BUY ratings on the shares of Goldman Sachs (NYSE: GS). The 12-month target price is set to $115.
In a research note published yesterday, the analyst mentions that the EPS estimate in 2011 has been reduced from $11.50 to $11.00 and for 2013 from $13.50 to $13.00, mostly tied to weaker revenue outlook for equity and fixed income trading. The target price is based on a forward price to tangible book value multiple of 0.9x, near other investment banks and brokerage firm peers.
The Q2 EPS stood at $1.78 against analyst’s estimate of $2.00. A weakening global economy and uncertainties related to regulation across different product lines have been restricting trading volumes, though it has been believed that M&A advisory and asset management areas will see positive growth ahead, the analyst says.
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