(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation and its price target of 387 dollars on Goldman Sachs, the day after the investment bank announced an agreement to sell its personal financial management business ( GFP) to Creative Planning.
‘GS will record an accounting gain in the fourth quarter and the exit will be margin accretive to the A&WM (asset and wealth management) segment. It continues to reposition its operating segments to focus on its main strengths,” reacts the broker.
If he thus welcomes the progress made towards a smaller individual activity and improved profitability within the A&WM segment, Jefferies considers that there is “still a lot to do” for the New York establishment.
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