Jefferies reaffirms its 'buy' recommendation on Goldman Sachs, with an adjusted price target of $471 to $478, in the wake of a quarterly publication that leads it to raise its EPS expectations to $9.26 for the second quarter and $39.85 for 2024.

Momentum across the platform shone in the first quarter, with the positive trend continuing, albeit moderating from the seasonally strong start to the year", the broker points out.

Return on capital is likely to remain around recent levels ($1.5 billion in share buybacks) until the regulatory framework becomes clearer', adds Jefferies.

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