Goldman Sachs stock price target raised to $335 from $304 at Oppenheimer

Goldman Sachs stock price target raised to $335 from $304 at Oppenheimer


Corrected

Goldman beats earnings and revenue expectations, but stock falls as equities revenue misses

Shares of Goldman Sachs Group Inc. fell 1% in premarket trade Tuesday, although the investment bank reported second-quarter earnings and total revenue that rose above expectations, although equities revenue missed. Net income grew to $2.35 billion, or $5.98 a share, from $1.63 billion, or $3.95 a share, in the same period a year ago. The FactSet consensus for earnings per share was $4.65. Total revenue rose to $9.40 billion from $7.89 billion, topping the FactSet consensus of $8.70 billion, as net interest income increased to $1.00 billion from $788 million to top expectations of $869.7 million. Institutional client services revenue grew 17% to $3.57 billion, just shy of the FactSet consensus of $3.63 billion, as fixed income, currency and commodities (FICC) revenue rose 45% to top expectations while equities revenue was flat to miss expectations. Total assets declined to $969 billion as of June 30 from $974 billion as of March 31. The stock had shed 9.2% year to date through Monday, while the SPDR Financial Select Sector ETF had slipped 1.6% and the Dow Jones Industrial Average had gained 1.4%.

Read on Market Watch

Share:

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com