Jefferies reiterated a buy rating on Goldman Sachs, while Odeon and CBRE maintained hold ratings as they keyed off the fate of its consumer-banking effort.
Goldman Sachs Group Inc. offered plenty of material to analysts at its first investor day in three years, but at least three stuck to their current ratings after the bank left some questions unanswered.
Goldman Sachs GS said it’s weighing strategic options for its consumer-banking businesses, including its GreenSky consumer-lending unit and its credit-card businesses with Apple Inc. AAPL and General Motors Co. GM , all housed in its Platform Solutions unit. “However, the open-ended discussion around strategic alternatives for parts of consumer platforms adds uncertainty,” Fannon said.
Any loan growth at the unit will also require more money set aside for loan-loss provisions, which amount to “an additional headwind to reaching profitability,” he said. While Goldman’s earnings are likely to remain stressed unless the overall investment-banking business picks up, the bank “continues to be a great and unique company,” Bove said. However, it’s not articulating a clear message, he said.
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