: Odeon Capital upgrades Goldman Sachs to buy from hold

Odeon Capital analyst Richard Bove on Thursday upgraded Goldman Sachs Group Inc. GS stock to buy from hold as investors look beyond what’s expected to be a rocky second-quarter update from the investment bank on July 19. Even with losses in the stock since its November high of $388.86 to about $326 now, it’s still selling at a 2% premium to book value even as others trade at discounts to net worth, Bove said. “They may be viewing this quarter as a one-time event that will clear away the firm’s problems,” Bove said. “If this is true, then the value of the stock and its debt instruments should be associated with: the uniqueness of the company’s franchise, and the fact that the investment banking business has turned around. I believe that this is the correct way to assess this company.” Goldman Sachs stock is up 0.8% in premarket trades. 

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