Analysts Just Trimmed Price Targets for These 5 Stocks

In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Analysts Just Trimmed Price Targets for These 10 Stocks.

05. The Goldman Sachs Group, Inc. (NYSE:GS)

Price Reaction after the Price Target Cut: -6.46 (-1.92%)

On September 21, Citigroup adjusted its price target for The Goldman Sachs Group, Inc. (NYSE:GS) from $400.00 to $380.00, signaling a more conservative outlook for the stock’s future valuation. Despite this downward revision, Citigroup has maintained its “Neutral” rating on The Goldman Sachs Group, Inc. (NYSE:GS), indicating a balanced stance and a lack of strong recommendations for buying or selling the stock. As of the latest data, The Goldman Sachs Group, Inc. (NYSE:GS) current stock price stands at $330.09, reflecting a 2.0% decrease in response to Citigroup’s target adjustment. This development highlights the ongoing uncertainty surrounding The Goldman Sachs Group, Inc. (NYSE:GS) market performance and analysts’ cautious sentiment regarding its prospects.

Manole Capital Management made the following comment about The Goldman Sachs Group, Inc. (NYSE:GS) in its Q3 2022 investor letter:

“Back in 2019, The Goldman Sachs Group, Inc. (NYSE:GS) made a splash in the card industry by working with Apple and MasterCard on a credit card. The actual card is fairly sleek (as you can see below), as customers names are etched into an Apple titanium card. The no-fee card generated a lot of hype, as many early users were quick to post their latest card on various social media sites.

The initial goal of Marcus (back in 2016) was to leverage Goldman’s wonderful name brand and build a full-service digital bank. This card was a large piece of GS’s ambitions to grow its retail banking franchise called Marcus. After 5 years, Marcus now has 14 million customers and $16 billion in loan balances. Surprisingly, Marcus now represents nearly 20% of the firm’s total revenue.

We thought it would be interesting to look how the Apple Card is doing in terms of loans and exposures. With over $100 billion in assets, this has been a successful source of cheap deposits for GS. Despite having an institutional / “white shoe” brand in the investment banking and trading world, GS’s Apple Card has been a disappointment.” (Click here to read the full text)