Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Jefferies analyst Daniel Fannon on Wednesday cut his fourth-quarter earnings estimate for Goldman Sachs Group Inc. but kept a buy rating and boosted his outlook for the bank’s 2024 profit.
On the plus side, Fannon bumped up his 2024 earnings estimate for Goldman Sachs to $32 a share from his earlier estimate of $31.65 a share. That’s below the FactSet consensus figure of $34.86 a share. Less bullish on the bank at least in terms of ratings was Citi analyst Keith Horowitz, who reiterated a neutral view on Goldman Sachs.
“We believe the underperformance is in part due to a note in the earnings presentation that backlogs are down q/q, although we attribute this to the timing of completed deal activity during 2Q and not reflective of a lower outlook,” Horowitz said.
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