Goldman Sachs (NYSE:GS) gained in pre-market trading after the bank announced better-than-expected Q1 results. The bank reported earnings of $11.58 per share in Q1, compared to $8.79 in the same period last year, beating consensus estimates of $8.69 per share.
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Goldman Sachs generated revenues of $14.21 billion in the first quarter, 16% year-over-year and above Street estimates of $12.94 billion. The bank’s asset and wealth management business generated net revenues of $3.79 billion, up by 18% year-over-year, driven by record management and other fees.
In Q1, GS’s global banking and markets reported net revenues of $9.73 billion. This marked a 15% year-over-year increase, driven by strong performances in investment banking fees, fixed income, and currency and commodities.
In the first quarter, assets under supervision increased by $36 billion to reach a record $2.85 trillion.
Is Goldman Sachs a Good Stock to Buy?
Overall, analysts are bullish about GS stock, with a Strong Buy consensus rating based on 17 Buys and four Holds. Over the past year, GS stock has increased by more than 15%, and the average GS price target of $435.68 implies an upside potential of 11.8% from current levels. These analyst ratings are likely to change following today’s Q1 earnings.
