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Non-Tech : Goldman Sachs Group Inc. NYSE:GS -- Ignore unavailable to you. Want to Upgrade?

To: Dalin who wrote (81)	5/5/1999 4:09:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 411

Nitwits starts Goldman Sachs with 'Neutral' rating -:) Dalin: Let's see earnings for the year (1999) is estimated to be $3.40/share up from $2.62/share in 1998 giving us a forward P/E 19 and change,ok call it 20.Then they got all this investments in E-Commerce companies going on quitely in the background,yup that looks like 'neutral' to me. Nitwits may turn out to be right if inflation starts going up suddenly and interest rate starts to go up over 6%.They must be thinking that GDP growth is going continue like in Q4 and Q1.We will have to see.Either that or dimwits didn't get enough shares from GS.<vbg> =================================== RESEARCH ALERT - Goldman started as neutral NEW YORK, May 5 (Reuters) - Brown Brothers Harriman on Wednesday said it started coverage of Goldman Sachs Group Inc. with a neutral rating because the investment bank's shares are trading at a generous premium to those of its peers. -- Goldman's valuation ''seems rather generous in comparison'' with securities firms Merrill Lynch and Co. Inc. (MER - news) and Morgan Stanley Dean Witter & Co. (MWD - news), said analyst Ray Soifer in a research note. Soifer said he had ''hopes for a better buying opportunity down the road'' for shares of the newly public company. -- Based on May 4 closing prices, Goldman shares were trading at 20.7 times the estimated 1999 earnings per share, compared with 16.3 times for Merrill and Morgan Stanley. Goldman trades at 4.4 times its book value, compared with Merrill at 2.9 times and Morgan Stanley at 3.9 times. -- Goldman's profits have ''fluctuated significantly'' in the past because the firm derives a bigger percentage of its revenues (37 percent) from trading than Merrill and Morgan Stanley (28 percent each), Soifer said. -- Goldman distributed only about 15 percent stake in the firm in its initial public offering on Tuesday and is likely to issue more shares down the road, Soifer said. -- Analyst expected Goldman to earn $3.40 a share in fiscal 1999, up from $2.62 a share in fiscal 1998. -- Stock down 2-5/8 to 67-3/8 Wednesday afternoon. biz.yahoo.com