02:45 PM EDT, 05/07/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $38 to $488 on a forward P/E of 12.8x, a premium to the three-year normalized P/E of 12.0x given our view that GS is revamping the businesses to more durable and recurring fee income. The areas of opportunity and growth lie within Asset & Wealth Management, specifically the alternative assets under supervision (AUS), which totaled $296B, and GS plans to raise another $40B-$50B in 2024. Private credit is a specific area for future growth and totaled $114B AUS at year-end. We also think the capital markets for equity underwriting and M&A are beginning to improve to complement the strong growth seen in Q1 for debt underwriting. We think Global Banking Markets will gain wallet share in North America and EMEA. CEO confidence is rising, which is a positive sign for corporate capital raising, while financial sponsors (ALT firms) have significant buyout companies that need to be monetized for limited partners in order to do new fundraising. GS has a "through-the-cycle" target of 15%-17% ROE.