Major Financial Institution Rating | Bank of America: Lowers Goldman Sachs target price to $1050 amid valuation premium

Glonghui April 15｜BofA Securities released a research report stating that Goldman Sachs' first-quarter financial report was strong, but market expectations for the stock were too high, leading to a premium in its valuation. Due to slowing revenue growth, BofA lowered Goldman Sachs' per-share earnings forecasts for the second to fourth quarters of this year and for fiscal 2027 by 2 to 3%, and reduced the target price from $1,100 to $1,050, reiterating its “Buy” rating. The firm emphasized that share price performance will depend on the revision of per-share earnings forecasts rather than valuation re-rating, and therefore expects that before a new round of upward movement begins, the stock may give back some of the gains achieved in the past year.