Goldman Sachs Downgraded to 'Hold' Despite Strong Earnings

Goldman Sachs Group (GS) has been downgraded to 'hold' from 'buy' by analysts at Wall Street Zen, according to a research report released on Sunday. This downgrade comes despite Goldman's strong earnings report for its second quarter, which saw the company beat consensus estimates with $20.98 EPS and revenue of $20.34 billion.

The move is part of a broader trend in Goldman Sachs' stock performance, with several other analysts having issued reports on the company in recent weeks. Keefe, Bruyette & Woods boosted its price objective for GS to $1,130.00 from $1,050.00 and gave the company a 'market perform' rating, while Jefferies Financial Group set a target price of $1,299.00.

Goldman Sachs has also seen increased holdings by institutional investors, with California State Teachers Retirement System raising its stake in GS by 99.75% during the second quarter. The company's market capitalization stands at $299.67 billion, and it has a P/E ratio of 15.88.