Green shoots at Goldman

|About: Goldman Sachs Group Inc. (GS)|By:, SA News Editor

"Positive sentiment is building" at Goldman Sachs (GS +1.3%), say Nomura's Steven Chubak and Sharon Leung, acknowledging headwinds in core businesses like trading, but noting growing contributions from higher-margin areas, and forced-Volcker sales which should bring capital relief.

The team is not yet ready to pull the trigger on a Buy rating, citing valuation as a concern as they leave their rating at Neutral.

For the year, Goldman is lower by 6% vs. a gain of 3% for the S&P financials.