Here's what all the major analysts expect from Goldman Sachs' earnings Tuesday

Analysts expect earnings per share of $5.31 and net revenue of nearly $11.19 billion, according to estimates from LSEG. That would result in a 36% decline from Goldman's $8.25 per share profit, as well as a slight revenue decline, from the same period last year. Gloomy results would follow a series of quarterly losses for Goldman.

This marks the seventh consecutive quarter where the firm lowers its estimates due to lower investment banking and sales & trading activity, analyst Daniel Fannon wrote. Still, Jefferies said it likes Goldman in the short term. Ongoing traction around new initiatives in transaction banking and wealth management, as well as increasing capital markets activity throughout the second half of 2023, add to the firm's $387 base case price target. That forecast implies upside of 25%.

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