Goldman Sachs price target raised to $585 from $485 at Citi

Citi raised the firm’s price target on Goldman Sachs (GS) to $585 from $485 and keeps a Neutral rating on the shares. The bank’s near-term “outlook seems brighter now,” likely leading the market to take a “glass half full” approach, pricing in 17% normalized return on tangible common equity, the analyst tells investors in a research note. The firm says it is challenging to push too hard against this narrative but sees better risk/reward elsewhere.