Keefe, Bruyette & Woods analyst David Konrad reiterated an Outperform rating on the shares of Goldman Sachs Group Inc (NYSE:GS) and raised the price forecast to $690 from $686. The analyst notes Goldman Sachs posted an impressive quarterly performance,

Goldman Sachs posted its best profit since the third quarter of 2021, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading, sending its shares up 3% before the bell.

Goldman Sachs said its profit more than doubled in the fourth quarter, boosted by companies’ growing appetite for dealmaking. Profit jumped 105% to $4.11 billion. That amounted to $11.95 per share, which was far better than the $8.

Goldman Sachs shares gained in premarket trading Wednesday after the bank reported better-than-expected fourth-quarter results.

JPMorgan, Wells Fargo, Goldman Sachs and Citi kicked off earnings season on Wednesday with their December-quarter results.