Not sure what you wrote on GS in your comment, but I noticed it the other day … here’s a comment from Susquehanna’s Doug Sipkin explains why:
Assets under administration ended the first quarter at $1.1 trillion, up 12% year over year. The business is roughly split across wealth management, institutional asset management, and retail asset management. Continued success of GSAM will help provide valuation support to shares. Under a simple sum of the parts analysis for valuation purposes, we believe GSAM would deserve a lower end AUM multiple (14-16x) which would imply the rest of GS is trading at 7-8x. Accordingly, we see value in shares of GS. Our increased understanding of GSAM and its growth opportunities reinforces our view.
Thank you for this piece highlighting the relative value of banks with asset management arms, such as Goldman Sachs, particularly versus the wider market.
Goldman Sachs pushed back above its 200-day MA for the first time in six weeks today and will need to hold the move above $160 in order to demonstrate a return to demand dominance beyond the short term.