Goldman Sachs: Upgraded Era Angels to a "buy" rating with a target price of HKD 87.8.
Goldman Sachs issued a research report stating that due to the long-term growth potential brought by the accelerated international promotion of Modern Dental Group Limited (06699), its leading position in the domestic market, comprehensive product offerings, and brand/relationship established in the dental industry, as well as its continuous efforts to expand into lower-tier cities and children and adolescents' segmented markets, Goldman Sachs upgraded Modern Dental to a “buy” rating and adjusted its earnings per share estimates to -2.5%, +2.1%, and +4.1% for 2024-2026, setting a new target price of HKD 87.8. The bank expects Modern Dental's market share to increase from 6% in 2023 to 1% in 2027.
Goldman Sachs: Hedge funds have net sold global equities at the fastest pace in two years.
According to Goldman Sachs' institutional brokerage business, hedge funds net sold global equities for the third consecutive month last month, at the fastest pace since June 2022. Hedge funds sold developed-market Asia stocks for the first time in six months, and at the fastest pace since September last year; all markets were net sold in June. North America and Europe were also nominally net sold.
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Goldman Sachs raises questions on technology companies' large-scale investment in AI.
Goldman Sachs questioned the potential returns of investing in artificial intelligence (AI) by technology companies in a report. According to the report, companies are expected to invest more than 1 trillion dollars in AI. However, Goldman Sachs expressed concerns about the returns that this massive investment can generate. The report emphasizes the high costs associated with AI technology, including data centers, power grids, and AI chips, and questions whether these costs can be proven by returns. Jim Covello, the director of global equity research at Goldman Sachs, stated in the report: 'AI technology is very expensive, and it takes a lot of investment to prove these costs.'
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US Banks Bump Up Dividends Following Fed's Successful Stress Test
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