Goldman Sachs shares gain for a second straight session on Tuesday, Ken Hitchner, the group’s Asia Pacific CEO, to step down

According to a report by Bloomberg earlier this week, citing sources familiar with the matter, Ken Hitchner, Goldman Sachs Group Incs (GS) Chairman and Chief Executive Officer for the Asia Pacific area excluding Japan, is to part ways with the Wall Street bank.

Goldman Sachs shares closed higher for a second consecutive trading session in New York on Tuesday. The stock inched up 0.09% ($0.17) to $198.67, after touching an intraday high at $199.09, or a price level not seen since February 5th ($199.32).

Shares of Goldman Sachs Group Inc have risen 18.93% so far in 2019 compared with a 10.89% gain for the benchmark index, S&P 500 (SPX).

In 2018, Goldman Sachs’s stock went down 34.43%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

Ken Hitchner was appointed as Chairman and Chief Executive Officer for the Asia Pacific region excluding Japan in 2017. Prior to that appointment, he has served as Goldman Sachs Groups President for Asia Pacific excluding Japan since 2013.

Hitchner is expected to remain in his current role in Hong Kong until mid-2019, Bloomberg reported.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $226.00, with a high estimate of $302.00 and a low estimate of $190.00. The median estimate represents a 13.76% upside compared to the closing price of $198.67 on February 19th.

The same media also reported that 15 out of 28 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 10 – as “Buy”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Goldman Sachs Group Inc (GS) are presented as follows:

Central Pivot Point – $195.61
R1 – $201.78
R2 – $205.06
R3 – $211.23
R4 – $217.40

S1 – $192.33
S2 – $186.16
S3 – $182.88
S4 – $179.60

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