What to Expect From Goldman Sachs in Q2
The Goldman Sachs Group, Inc. (NYSE: GS) is scheduled to release its second quarter earnings report before the markets open on Tuesday. Thomson Reuters has consensus estimates calling for $4.66 in earnings per share (EPS) and $8.74 billion in revenue.…
Goldman Sachs Group Inc. (NYSE: GS) is scheduled to release its second-quarter earnings report before the markets open on Tuesday. Thomson Reuters has consensus estimates of $4.66 in earnings per share (EPS) and $8.74 billion in revenue. That compares with the EPS of $3.95 and $7.89 billion in revenue posted in the year-ago period.
According to the New York Times, Goldman Sachs is finally making a step toward getting a new chief executive officer. Reportedly the investment bank plans to name company President David Solomon as its next CEO.
When the firm reported first-quarter results, it posted the best equities trading results in three years, as the bank profited from the 2018 roller-coaster market. Revenue from equities trading surged 38% to $2.31 billion, trouncing the consensus analyst estimate. Investing and lending revenue rose 43% to $2.09 billion, also beating Wall Street expectations.
Excluding Monday’s move, Goldman Sachs had underperformed the broad markets, with its stock down about 11% year to date. Over the past 52 weeks, the stock is only down about 2%.
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A few analysts weighed in on Goldman Sachs ahead of the report:
- JPMorgan has a Buy rating with a $280 price target.
- Keefe Bruyette & Woods has a Hold rating.
- Credit Suisse has a Neutral rating with a $280 price target.
- Oppenheimer has an Outperform rating and a $308 target.
- BMO Capital Markets has a Hold rating with a $245 target.
Shares of Goldman Sachs were last seen up about 1% at $229.11, with a consensus analyst price target of $271.50 and a 52-week trading range of $214.64 to $275.31.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
