Goldman's stock is up 2.7% on Thursday for its fourth straight day of gains, while showing a 1.9% rise for 2023 after being negative for much of the year.
Goldman Sachs Group Inc. stock on Thursday moved into positive territory for the first time since February, as Wall Street bought into the idea that better times await the marquee investment bank.
With the prospect of higher interest rates, a slowing economy and a lack of capital-raising and mergers and acquisitions activity hanging over the banking sector, Goldman Sachs GS stock has not been in the black for 2023 since February. The regional bank crisis in March and April also weighed on the sector.
JPM Securities analyst Devin Ryan reiterated an outperform rating on Goldman Sachs and said the bank’s business benefitted from stronger-than-expected revenue in global markets as it absorbed a number of one-time items related to the exit of its consumer banking business and a less capital-intensive approach in its asset and wealth management unit.
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