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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