Barclays Raises Goldman Sachs Price Target On Solid Q214 Earnings

In a note released Wednesday morning, Barclays analyst Jason Goldberg raised his price target on Goldman Sachs (NYSE: GS) from $170 to $185 and maintained an Equal-weight rating.

Goldberg wrote, "Bottom line: Results came in well ahead of expectations."

He noted that the largest upside driver was investing and lending, but acknowledged that trading and investment banking fees, as well as the firm's tax rate were all better than expected.

For the quarter Goldman reported revenues of $9.1 billion vs. an $8 billion consensus and an EPS of $4.10 vs. a $3.05 consensus.

On these results, Goldberg has raised his 2014 EPS estimate $1.35 to $17.00. In addition to this, he increased his 2015 EPS estimate $0.15 to $17.20 based on an "active M&A environment.

Following the Barclays note, shares of Goldman Sachs were up about one percent.