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北京时间·🕒 发布 20:34:55时区推断·⟳ 抓取 20:36:36·⚡ 决策 07-22 22:53:40 +2h17m·96.7 天前
汇丰上调高盛评级并提高高盛、摩根士丹利目标价
卖方将高盛评级由Reduce上调至Hold，并将高盛目标价从834美元上调至995美元、摩根士丹利从190美元上调至215美元。
📄 原文Seeking Alpha↗ 原文
HSBC upgrades Goldman Sachs, raises price target on Morgan Stanley
HSBC Global Investment Research upgraded Goldman Sachs (GS) to Hold from Reduce after the second-quarter financial resu…
不做 Goldman Sachs（GS.US）
卖方评级上调至Hold和目标价调整是财报后跟随修正，非新增可量化公司催化。
不做 Morgan Stanley（MS.US）
目标价上调缺少独立新增事实，且二季度业绩利好已先披露，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-22 · 扩散 medium · price-in 风险 high ↗
关键理由
- 卖方将高盛评级由Reduce上调至Hold，并将高盛目标价从834美元上调至995美元、摩根士丹利从190美元上调至215美元。
- 核心依据来自已披露二季度业绩后的盈利预测上修，属于财报后卖方跟随调整，不是新增公司经营催化。
主要风险
- 若投行和交易业务继续超预期，券商股可延续趋势，但本条本身不提供新的可回测事件边际。
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原文全文
展开原文 · 1,770 字
HSBC Global Investment Research upgraded Goldman Sachs (GS) to Hold from Reduce after the second-quarter financial results announcement.
The Wall Street giant's Q2 revenue was boosted by a 55% year-over-year jump in investment banking fees. Like the other money center banks, robust deal activity, high market volatility, and strong capital markets also fueled earnings growth.
"GS shares now trade at only 13.8x our 2027 EPS estimate. More notable, consensus EPS upgrades have materially outpaced share price performance YTD, leading to meaningful multiple compression despite healthy share outperformance," said the research note by HSBC.
"We raise our 2026e-2028e EPS estimates by 16-25%, mostly on the back of higher Equities estimates, though our investment banking and Asset & Wealth Management estimates also rise," said the note.
Additionally, the investment bank raised its price target on the stock to $995 from $834 and on Morgan Stanley (MS) to $215 from $190.
MS's Q2 earnings beat the Wall Street consensus, driven by a surge in investment banking and equities revenue, as well as growth in asset management revenue.
"Both companies not only reported exceptional equities sales and trading results, but investment banking was solid across products, and wealth management benefited from a supportive market backdrop and strong net flows," said analysts Saul Martinez, Calvin Carlo, and Dmitriy Leskin.
"We raise EPS estimates materially on the back of the results. Our baseline profitability estimates are now much higher than they were entering 2026, and our target prices for both rise accordingly," said the analysts.
HSBC's rating on Goldman Sachs aligns with Seeking Alpha's Quant Rating, SA authors rating, and the Wall Street analysts rating of Hold.
The Wall Street giant's Q2 revenue was boosted by a 55% year-over-year jump in investment banking fees. Like the other money center banks, robust deal activity, high market volatility, and strong capital markets also fueled earnings growth.
"GS shares now trade at only 13.8x our 2027 EPS estimate. More notable, consensus EPS upgrades have materially outpaced share price performance YTD, leading to meaningful multiple compression despite healthy share outperformance," said the research note by HSBC.
"We raise our 2026e-2028e EPS estimates by 16-25%, mostly on the back of higher Equities estimates, though our investment banking and Asset & Wealth Management estimates also rise," said the note.
Additionally, the investment bank raised its price target on the stock to $995 from $834 and on Morgan Stanley (MS) to $215 from $190.
MS's Q2 earnings beat the Wall Street consensus, driven by a surge in investment banking and equities revenue, as well as growth in asset management revenue.
"Both companies not only reported exceptional equities sales and trading results, but investment banking was solid across products, and wealth management benefited from a supportive market backdrop and strong net flows," said analysts Saul Martinez, Calvin Carlo, and Dmitriy Leskin.
"We raise EPS estimates materially on the back of the results. Our baseline profitability estimates are now much higher than they were entering 2026, and our target prices for both rise accordingly," said the analysts.
HSBC's rating on Goldman Sachs aligns with Seeking Alpha's Quant Rating, SA authors rating, and the Wall Street analysts rating of Hold.
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