Bank of America Loves Goldman Sachs (NYSE:GS) Stock
New analyst reports out from Bank of America are absolutely enamored with bank stock Goldman Sachs (GS), and are keeping their Buy rating absolutely in place. There is quite a bit to like about Goldman Sachs, and the report is spelling it out plainly. Investors are giving Bank of America the benefit of the doubt, and sent Goldman Sachs shares up fractionally in Thursday afternoon's trading.
Confident Investing Starts Here:
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Bank of America analyst Ebrahim Poonawala, who has a five-star rating on TipRanks, kept the Buy rating in place and also set a $700 per share price target on Goldman Sachs shares. That is a 12% upside against the closing price on Wednesday, reports note, which came in at $624.17 per share.
Poonawala took particular pains to call out Goldman Sachs' extensive history, noting that it has '…proven DNA to adapt to an ever-changing world.' Poonawala also pointed out Goldman Sachs' background in surviving economic downturn, including the 2008 financial crisis as well as the entirety of Paul Volcker's tenure at the Federal Reserve, running from 1979 to 1987. Further, Poonawala cited '…a strong combination of scale and flexibility' as reasons to get behind—and stay behind—Goldman Sachs.
Job Hunters, Stay Off the AI
In an odd twist, Goldman Sachs took an unusual stance when it comes to using artificial intelligence (AI), particularly during job interviews. While many companies are requiring a certain amount of AI fluency just to get in the door, Goldman Sachs is warning job seekers not to turn to use it during interviews. In fact, reports noted, those caught doing so may actually be disqualified from seeking work with the company.
Given that half of Goldman Sachs' own employees have full access to AI, this might seem odd, even hypocritical. Back in January, we discovered that Goldman Sachs even has its own internal generative AI tool known as GS AI. But Goldman Sachs asserts that the responses are not 'tailored and unique to the individual,' and thus, may actually do more harm than good.
Is Goldman Sachs a Buy, Sell or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GS stock based on eight Buys and seven Holds assigned in the past three months, as indicated by the graphic below. After a 39.84% rally in its share price over the past year, the average GS price target of $611.54 per share implies 1.96% downside risk.
See more GS analyst ratings
Disclosure
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBC
13 minutes ago
- CBC
Owner of Robertson Trading surveys wildfire damage that burned historic building to the ground
Scott Robertson said the store held a lifetime's worth of Indigenous artwork, beadwork and history.
National Post
19 minutes ago
- National Post
CRA resolves contribution room issue for 90% of TFSA holders
The CRA says it has resolved 'most issues' that made Tax-Free Savings Account information, in particular contribution limits, unavailable in My Account. Article content That's the agency's secure online portal where individual taxpayers can access their personal tax information. Article content In an email to National Post on Friday, the CRA wrote: 'As a result, most individuals can now view their TFSA information in My Account.' Article content Article content However, not all TFSA holders will be satisfied yet. The information is only available for about 90 per cent of TFSA holders. Article content Article content 'For the remaining 10%,' writes Charles Drouin with CRA media relations, 'the information remains temporarily unavailable while we work to ensure their contribution room is updated. This precaution is in place to help prevent errors, and efforts continue toward a prompt resolution.' Article content As the agency did previously, it expressed regret over 'any inconvenience this situation may have caused and appreciate the patience and understanding of Canadians as we continue working to fully restore this service.' Article content Individual contribution room is usually readily available by signing into your CRA account. Alternatively, you can usually call the Tax Information Phone Service. However, that hadn't been the case since mid-April, the CRA confirmed with the CBC. Article content Unlike RRSP contribution room, 'TFSA room is not shown on your notice of assessment,' Jason Heath, managing director of Objective Financial Planners in Toronto, tells National Post. Article content Article content 'Even when you try to view your TFSA details like the contribution history, it too is unavailable.' Article content Article content Instead, a warning was posted on the CRA site, Robert Kepes, a tax lawyer with Toronto firm Morris Kepes Winter LLP, told National Post. It's still there.
Globe and Mail
30 minutes ago
- Globe and Mail
Foxconn Exports 97% of India-Made iPhones to U.S. to Avert China Tariffs
Apple's (AAPL) largest supplier Foxconn has ramped up exports of India-made iPhones to the U.S. to avoid the hefty tariffs on Chinese goods. According to a Reuters report citing official customs data, an average of 97% of iPhones produced in India were shipped to the U.S. between March and May. The data shows a stark jump in exports of Indian iPhones compared to the 50% monthly average recorded in 2024. India faces a baseline 10% tariff, while Trump has proposed a revised 55% tariff on Chinese imports following the U.S.-China trade deal. Confident Investing Starts Here: China has been the primary manufacturing hub for iPhones, with roughly 80% of U.S.-bound iPhones amounting to about 60 million units annually, originating from the mainland. The sharp redirection of orders to India highlights Apple's determination in skirting the hefty tariffs imposed by the U.S. government on Chinese goods. President Donald Trump aims to bolster America's manufacturing industries by implementing these tariffs, but large corporations are clearly finding alternative solutions to circumvent them. China Strengthens Its Strategy on India-Made iPhones Apple has manufacturing bases in several countries, including the Netherlands, Britain, and the Czech Republic. However, the company has recently grown increasingly dependent on India's manufacturing expertise. Despite several warnings from Trump to stop producing iPhones in India, CEO Tim Cook seems to be happily ignoring them. The company is said to have made special arrangements at the Chennai airport in Tamil Nadu state, its key iPhone export hub, to shorten customs clearance time from 30 hours to just six hours. Between March and May 2025, Foxconn exported iPhones worth $3.2 billion from India, with a majority destined for the U.S. market. In May alone, India exported $1 billion worth of iPhones to the U.S., following a record $1.3 billion in March. Notably, in the first five months of this year, Foxconn has already shipped India-made iPhones worth $4.4 billion to the U.S., compared to exports of $3.7 billion for the whole of 2024. In March, Apple sent six special chartered flights from India to the U.S., exporting the bulk of iPhones 13, 14, 16 and 16e models worth roughly $2 billion, just before Trump's global tariffs were expected to take effect. Apple's other Indian supplier, Tata Electronics, also exported 86% of its March and April iPhone production to the U.S., a significant increase from the 52% average recorded last year. Although India is promoting itself as a smartphone manufacturing hub, it still incurs high import duties on certain components, making manufacturing more expensive in India compared to Vietnam and Mexico. Is Apple a Good Stock to Buy Now? Analysts remain divided on Apple's long-term stock trajectory due to ongoing tariff-related uncertainty. On TipRanks, AAPL stock has a Moderate Buy consensus rating based on 16 Buys, nine Holds, and four Sell ratings. Also, the average Apple price target of $226.94 implies 13.9% upside potential from current levels. Year-to-date, AAPL stock has lost 20.3%. See more AAPL analyst ratings
