Goldman Sachs’ Q1 Results Showed ‘Simpler, More Profitable’ Company, BofA Says
Goldman Sachs’ (GS) Q1 results showed a “a less distracted and a more profitable” company, which will likely lead to an improved stock valuation, BofA Securities said in a note to clients emailed Tuesday. The results “provided a credible proof point for our positive investment thesis on the stock,” BofA said. “A more streamlined business mix and sharpened management focus should lead to better financial outcomes and has the potential to drive upside earnings surprises, in our view,” it added. Goldman reported Q1 earnings Monday of $11.58 per diluted share, up from $8.79 a year earlier. Analysts polled by Capital IQ expected $8.68. Revenue for the quarter, expressed as the sum of noninterest income and net interest income, was $14.21 billion, up from $12.22 billion a year earlier. Analysts expected $12.93 billion. Goldman shareholders will also get exposure to cyclical and secular themes, BofA said. “We believe GS shares offer…
Read More “Goldman Sachs’ Q1 Results Showed ‘Simpler, More Profitable’ Company, BofA Says” »