Goldman Sachs is trading at its highest level since the financial crisis
Shares were trading at $218.90 around 12:15 pm ET Wednesday after increasing steadily from $161.27 on August 31.
Both Deutsche Bank and KBW banks analysts upgraded the global investment bank on Tuesday.
"For GS, we believe we are moving to a better trading environment for FICC trading and GS should benefit more than peers given the company's reliance on trading results and the greater contribution from FICC revenues toward total revenues," KBW's Frederick Cannon, Brian Kleinhanzl, and Allyson Boyd wrote.
"In general, we are more confident in rising rates and better trading versus wide-sweeping regulatory changes and we believe BAC and GS offer the best exposure to both at still reasonable valuations."
Deutsche Bank's Matt O'Connor upgraded the bank to a buy rating, saying it seems well-positioned for a stronger macro environment given its revenue upside, good cost control, and a valuation below peers.
"A stronger economy should benefit many capital market businesses-incl advisory, equity capital markets, and both fixed and equity trading (all areas of strength at GS)," he wrote. "This should also be a positive backdrop for investing and lending (even assuming no regulatory changes)."
He also said he expects the firm's recent rollout of its consumer lending platform, Marcus, to build momentum.
Most Wall Street banks have been performing strongly since President-elect Donald Trump's electoral win earlier this month. The BKX index of bank stocks is up about 15% since the election versus a 3% rise in the S&P 500.
Trump on Wednesday named the former Goldman Sachs banker Steven Mnuchin as Treasury secretary. Steve Bannon, Trump's incoming chief strategist, is also a Goldman Sachs alum.
Trump is also reportedly considering Goldman Sachs president Gary Cohn to be his budget chief.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market