Goldman Sachs shares rebound on Monday, all non-essential business travel to be postponed, memo shows

According to a report by Reuters, citing an internal memo, Goldman Sachs Group Inc (GS) has instructed its personnel that all non-essential business travel should be halted, effective immediately.

Goldman Sachs shares closed higher for the second time in the past ten trading sessions in New York on Monday. It has also been the sharpest single-session gain since January 16th 2019. The stock went up 4.33% ($8.70) to $209.47, after touching an intraday high at $209.49, or a price level not seen since February 27th ($213.48).

Shares of Goldman Sachs Group Inc have retreated 8.90% so far in 2020 compared with a 4.35% loss for the benchmark index, S&P 500 (SPX).

In 2019, Goldman Sachs Group’s stock went up 37.64%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

International businesses have already begun taking broader measures to help prevent the spread of coronavirus contagion, not just restricting travel to particular virus-affected regions.

The Wall Street bank has also restricted any travel to and within all of Italy, the memo showed.

At the same time, all Goldman employees who have traveled to mainland China, South Korea, Iran or Italy will have to remain in self-isolation. The same is required of employees who have been in close contact with individuals traveled to these countries, the memo showed.

Analyst stock price forecast and recommendation

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $267.00, with a high estimate of $367.00 and a low estimate of $180.00. The median estimate represents a 27.46% upside compared to the closing price of $209.47 on March 2nd.

The same media also reported that at least 14 out of 26 surveyed investment analysts had rated Goldman Sachs’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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