Upgrade lifts Goldman, financials rise

Goldman Sachs Group Inc. shares added more than 2% in early trade Tuesday morning after analysts at J.P. Morgan Chase & Co. upgraded the controversial brokerage to overweight from neutral.

The analysts said that recent negative news flow was over discounted, and they set a $175 price target on Goldman /quotes/comstock/13*!gs/quotes/nls/gs GS +1.49% and said with a potential for releveraging looking brighter, the shares are undervalued.

Interestingly, also on Tuesday some more of the kind of newsflow the analysts discussed broke on Goldman.

The company offered the sovereign wealth fund of the Libyan government an opportunity to make a large equity investment in the Wall Street investment bank during the financial crisis in 2009, according to a Wall Street Journal report on Tuesday.

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- Posted: 2011-05-31 10:38:21

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