The firm initiated coverage of the stock at a buy.
Investors shouldn't ignore Goldman Sachs as dealmaking regains steam and the consumer banking business turns a corner, according to HSBC. Analyst Saul Martinez initiated coverage of the bank at buy with a price target of $403. Martinez's target implies an upside of 25.5% from Wednesday's close. "Goldman Sachs is our preferred name in this sector," Martinez said in a note to clients.
Similarly, losses in platform solutions should fall from the currently elevated levels as investments hit a sustainable level and losses for credit reach a normal point, he said. At the same time, Martinez said the company should feel less pressure on earnings from its failed consumer banking experiments, which he called "costly and largely unsuccessful.
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