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JPMorgan Chase & Co. (NYSE:JPM) has downgraded its rating on Goldman Sachs Group Inc. (NYSE:GS) from Overweight to Neutral, citing that the investment bank’s shares are now fairly valued compared to more attractively priced European peers. Despite the downgrade, JPMorgan raised its price target for Goldman Sachs to $750 from $625, reflecting the bank’s strong performance but limited upside potential.
The investment firm commended Goldman Sachs for significant gains in market share across sales and trading, global banking, and wealth management divisions. The bank’s reduced exposure to its underperforming platform solutions unit was also seen as a positive. However, JPMorgan analysts noted that in a global comparison, European banks such as Barclays PLC (LON:BARC) and Deutsche Bank (ETR:DBKGn) trade at far more appealing valuations. Barclays currently trades at a 6.4x P/E, while Deutsche Bank sits at 8.4x, compared to Goldman Sachs at 12.3x and Morgan Stanley (NYSE:MS) at 13.5x based on 2027 earnings estimates.
JPMorgan maintained a Neutral stance on both Goldman Sachs and Morgan Stanley, arguing that even optimistic “blue sky” scenarios with peak investment banking revenues and higher buybacks don’t justify current valuations. Nonetheless, the firm noted that potential U.S. deregulation under President Donald Trump provides some support for domestic banks.
Goldman Sachs shares have surged nearly 33% in 2025, fueled by strong equity markets, lower global interest rates, and easing financial regulations. Meanwhile, Barclays and Deutsche Bank have rallied 35.6% and 72.6%, respectively, benefiting from investor optimism over expanded fiscal spending in Europe.
