Goldman upgraded to buy at UBS, says election volatility could be a boost

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Goldman Sachs was upgraded to buy from neutral at UBS, which lifted its price target to $245 from $220. “Goldman is generating solid results in the current environment, which has sustained in the third quarter and potential volatility from the upcoming U.S. election could allow for a solid fourth quarter, bridging investors to first-quarter seasonal strength. Further, in 2021 we expect the efficiency efforts from GS’s strategic plans to begin to impact the P&L, driving down the efficiency ratio, leading to upside to earnings forecasts,” said analysts led by Brennan Hawken. Goldman, which closed Wednesday at $187.72, has dropped 19% this year, compared to a 0.2% gain for the broader S&P 500 .
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