Amid recession worries, and after its recent Q2 showing, Goldman Sachs (NYSE:GS) is looking to shed jobs, according to The New York Times. Additionally, Deutsche Bank’s Matt O’Connor has decreased the price target on the stock to $370 from $430 while maintaining a Hold rating.
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The analyst feels valuations of banks are factoring in a 55% to 60% chance of a recession and in the near term, “Banks are in no man’s land.”
Is it Smart to Invest in Goldman Sachs?
As deal volumes dry up, overall the Street has a Moderate Buy consensus rating on Goldman Sachs with an average price target of $392.75. This implies a 14.64% potential upside in the stock. That’s after a 13.3% share price slide so far in 2022.
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