Goldman Sachs Group
GS,
was downgraded to neutral from buy at Citi, though its price target was increased to $400 from $370. Analysts led by Keith Horowitz say the 15% to 17% return on average tangible common shareholders’ equity target is achievable but will take time as well as a better investment banking environment. “The uncertainty of executing on its longer-term initiatives leads us to see more balanced risk/reward for the stock at these levels,” said the analysts. Goldman shares have gained 5% this year, ending Monday at $358.93.
