Here's Why Goldman Sachs Jumped 4.8% on Thursday
Shares of investment bank Goldman Sachs GS rose today, and were up over 4% in midday trading after UBS analyst Brennan Hawken upgraded the stock to buy from neutral; he also raised his price target to $245 from $220 per share.
GS closed up 4.83% to $195.11 per share.
“Goldman is generating solid results in the current environment, which has sustained in the third quarter, and potential volatility from the upcoming U.S. election could allow for a solid fourth quarter, bridging investors to first-quarter seasonal strength,” Hawken wrote in a note to clients.
Even though low interest rates have taken their toll on the banking industry, Goldman is benefitting from robust underwriting results and elevated trading volume and investor engagement, said Hawken.
GS has gained over 40% since the mid-March lows.
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