BofA raised the firm’s price target on Goldman Sachs (GS) to $675 from $650 and keeps a Buy rating on the shares after its Q4 earnings beat. The stock reacted positively to the Q4 results as well as the CPI data which soothed market concerns around a resurgence in inflation, the analyst tells investors in a research note. A constructive equity market backdrop remains an important component to the firm’s positive thesis on the stock as it is partly driven by expectations for a positive EPS revision cycle and a rebounding client activity, the firm states, adding that it also expects the trend of stronger trading revenues to continue.
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