Morningstar analysts are bullish on Goldman Sachs' push onto the web. But the bank's rebound in its more traditional businesses could juice returns even further.
"Goldman Sachs is steadily making changes that may cause the market to revalue it higher," the analysts wrote. "We view Goldman Sachs shares, which are currently trading at tangible book value, as undervalued."
Goldman did not comment on the report. Despite their long-term bullishness, Morningstar analysts reduced their price target on the bank, from $215 to $195 a share. In spite of the cut, analysts' expectations still represent good things for Goldman: in afternoon trading Tuesday, the stock was valued at more than $157 a share.