There's 'less compelling' upside for Goldman Sachs in 2023, according to Wolfe Research.
There's "less compelling" upside for Goldman Sachs in 2023, according to Wolfe Research. Analyst Steven Chubak downgraded shares to peer perform from outperform, saying other bank stocks such as Wells Fargo and Bank of New York Mellon are more attractive after the recent gains at Goldman Sachs. "We have been strong proponents of GS' strategy over the last few years, and GS has been one of our Top Picks since our meeting with then-CFO Scherr in March 2019.
Shares of Goldman Sachs declined 10% in 2022, outperforming the S & P 500, which was down about 19% in the same period. The investment bank also beat Wells Fargo, which lost nearly 12%, and Bank of New York Mellon, which was down 19%. Even so, the mid-point of the firm's future value range of $388 represents just 13% upside for shares, according to the analyst. Shares of Goldman Sachs rose slightly in Wednesday premarket trading.
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