JPMorgan is moving away from shares of Goldman Sachs for the time being. Analyst Kian Abouhossein downgraded shares of the investment bank to a neutral rating from overweight. He lifted his price target to $750 per share from $625, but that implies 2% downside from Monday’s close of $763.32. Abouhossein’s downgrade stemmed from Goldman’s stock already trading at a fair valuation. On the other hand, its European counterparts Barclays and Deutsche Bank trade at “significantly cheaper valuations,” he wrote. Goldman trades at a price-to-book valuation of 2.17, per FactSet. Barclays and Deutsche Bank, meanwhile, have price-to-book ratio of 0.81 and 0.86, respectively. GS YTD mountain GS YTD chart “While we see part of the premium justified, reflecting the superior IB franchise and higher through the cycle RoTE [return on tangible equity] generation of GS and MS, we see the current valuation premium as too wide and would continue to prefer European IBs over U.S. IBs,” he added. Abouhossein added that although Goldman Sachs remains on track to hit its targets as deals come through the investment banking fee pipeline, shares have already priced in this outperformance. Shares of Goldman Sachs are up 33% this year. The stock slipped slightly after the downgrade. Most analysts are on the sidelines when it comes to Goldman. LSEG data shows that 15 of the 25 analysts covering the stock rate it a hold. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
