· Event impact
Oppenheimer Downgrades Goldman Sachs and Morgan Stanley to Underperform
Type: creditConfidence: 0.9Verified: keep
Transmission path
Earnings multiple contraction in the financial sector.
Market mechanism
Earnings multiple contraction in the financial sector.
Extended read
Oppenheimer's move signals a shift in sentiment for the bulge bracket. The firm argues that the recent surge in investment banking activity, largely driven by high-profile IPOs like SpaceX, is already fully reflected in share prices, leaving little room for upside surprise in the upcoming Q2 reports.
Exposed assets
GS · MS
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