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Goldman Sachs' Overall Trends Remain Solid, Oppenheimer Says

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Goldman Sachs' (GS) Q1 financial results had some moving parts, but the overall trends remain solid with on-target earnings and pre-tax net in line with estimates, Oppenheimer said in a note Tuesday.

The company's Q1 earnings of $17.55 per diluted share came in above Oppenheimer's $16.15 estimate and consensus of $16.47, according to the note.

The investment firm said the most notable favorable deviation in Goldman Sachs' results was the surge in M&A advisory fees, and CEO David Solomon noted during the earnings call that M&A activity is expected to remain strong.

Analysts said shares of the company are currently trading at a more than 25% premium to their historical average valuation, discounting a large rebound in M&A and investment banking revenue.

Oppenheimer has a perform rating on the stock.

Goldman Sachs shares were up 1.5% in Tuesday trading.

Price: $904.23, Change: $+13.44, Percent Change: +1.51%

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