HomeFinancial MarketsGoldman Sachs Stock Continues to Surge, Analysts Predict it Will Surpass $500...

Goldman Sachs Stock Continues to Surge, Analysts Predict it Will Surpass $500 Mark

The shares of investment banking giant Goldman Sachs continued their climb on Monday, improving by more than 2% on their previous close of $450.18 per share. According to analysts, the company’s shares show no signs of slowing down and will surpass a mark of $500.

In 2023, Goldman Sachs finally gave up on its attempts to enter consumer banking after incurring more than $3 billion in losses from the consumer banking division. The company embarked on a series of layoffs and saw its stock plunge below $300 per share in October.

But things seem to be improving for Goldman Sachs in 2024. The company cut its losses, exited unprofitable projects, and returned to doing what it did best, focusing on wealth and asset management. Its shares previously hit their all-time high in May and, despite a slight slip, remain 18.16% up year-to-date.

Analysts seem to love the future for Goldman Sachs, with nine analysts covering the company’s stock having a “Buy” rating on it. This includes Wells Fargo Securities’ Mike Mayo, who has a target price of $504 on the stock.

“Goldman is back. The mass market consumer has never been Goldman’s forte, and they went ahead, and in my view, wasted several billion dollars, diverted management attention, and it was just to me, a foray that never should have been attempted,” Mayo told media outlet Fortune in a recent chat.

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