GOLDMAN SACHS STOCK RISES ON RATING UPGRADES
In the Premarket trading session on Monday, Goldman Sachs stock was trading at 243.97- higher by 0.77% as compared to its previous close.
Investment bank JMP Securities upgraded the financial services company’s stock. The investment bank upgraded Goldman Sachs rating to market outperform from market perform with a $290 price target. The investment bank upgraded Goldman’s stock since it believes the company is in the early stages of one of the most meaningful transformations within the financial services industry.
JMP Securities believe that the market is underappreciating the evolution and growth shift occurring at the company. In August, the company applied to increase its stake in Goldman Sachs Gao Hua Securities to 51% from 33%. Goldman Sachs is scheduled to report its quarterly earnings before the market opens on Wednesday. The financial services company will hold its first-ever Investor Day on 29th January. Stocks of Goldman Sachs have rallied 38% in 2019.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 243.70 TAKE PROFIT AT 244.90 STOP LOSS AT 243.10