On Wednesday, Citi confirmed its Neutral stance on Goldman Sachs (NYSE:GS), sustaining a $410.00 price target for the banking giant's shares. Citi's refreshed model, which precedes Goldman Sachs' first-quarter earnings for 2024, takes into account recent trends in capital markets and a special assessment by the FDIC.
The bank's earnings per share (EPS) estimates for 2024 have been slightly reduced by $0.25, settling at $33.85, aligning with the FactSet consensus. Looking ahead, Citi's projections for 2025 and 2026 show an increase in EPS, with a $0.20 bump for each year, resulting in estimated EPS of $38.05 and $40.40, respectively. However, the 2025 estimate remains below the FactSet consensus of $39.14.
The revision in estimates reflects a detailed analysis of current quarter-to-date trends in the capital markets and the impact of the FDIC's special assessment. The adjustments suggest a nuanced view of Goldman Sachs' financial performance in the coming years.
Goldman Sachs' stock price target has been maintained at $410.00 by Citi, indicating the firm's expectation of the stock's value. The Neutral rating suggests that Citi advises neither buying nor selling the stock at this time, but rather maintaining its current position.
Investors and market watchers will likely be attentive to Goldman Sachs' upcoming earnings report for the first quarter of 2024 to gauge the accuracy of these projections and to understand the bank's financial trajectory in the context of Citi's analysis.
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