In 2023, Goldman Sachs has “less convincing” benefits, in line with Wolfe Research. Analyst Steven Chubak downgraded the stock’s rating to comparable to higher, saying other bank stocks akin to Wells Fargo and Bank of Latest York Mellon are more attractive after Goldman Sachs’ recent gains. “Now we have been strong proponents of the GS strategy over the previous couple of years and GS is considered one of our greatest offerings since our meeting with then-CFO Scherr in March 2019. Stocks have performed thoroughly during this time (+72% ), outperforming S&P (+36%) and BKX (+8%),” Chubak wrote in a Wednesday note. “Nonetheless, as we move closer to 2023, we see a less convincing rise in stock prices, which has prompted us to maneuver to the margins,” Chubak wrote. Goldman Sachs shares are down 10% in 2022, outperforming the S&P 500, which is down around 19% over the identical period. The investment bank also beat Wells Fargo, which fell nearly 12%, and Bank of Latest York Mellon, which fell 19%. Even so, in line with the analyst, the midpoint of the corporate’s future range of $388 is simply 13% up for the stock. Goldman Sachs shares rose barely in Wednesday’s pre-market trading. Other challenges loom over banking stocks, including a series of proposed international banking reforms called Basel 4 from Switzerland. Wolfe Research also expects to lower consensus revenue estimates for 2023 and 2024. —Michael Bloom of CNBC contributed to this report.