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Bank of America downgrades Goldman Sachs citing trading business

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Bank of America  downgraded Goldman Sachs from Buy to Neutral and cut his price target from $490 to $475.
In the downgrade note, said Goldman has an impressive asset management business, but it has yet to prove its consumer and wealth management strategy will pay off for investors. The bank  expects a tough year for growth in capital markets revenue in 2022 for Goldman and anticipates a cool-down in both trading activity and IPO activity this year. In addition, he said Federal Reserve rate hikes could weigh on investor enthusiasm for non-profitable startups.

 

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