Goldman Sachs Group Inc (GS)

Goldman Sachs (GS) dropped by 2.39% from $309.36 to $301.96 in the trading on Wednesday October 18, 2023. The reason why GS stock down today include Q3 earnings report and lower estimates from analyst.

• Q3 revenue stood at $11.8 billion, down about 1% compared to the year-ago quarter, driven by trading revenue.
• Net income fell 33% compared to the same period last year to $2.06 billion due to its missteps into consumer banking with losses from the sale of GreenSky and Marcus portfolios. Impairments on real estate investments also dragged down earnings.
• Lower estinates: The analyst lowered out-year estimates by -2% (higher compensation and credit costs), while maintaining the target price (implying a +40% total return).