Goldman Sachs is a global investment banking, securities and investment management firm which operates in 4 segments: Investment Banking, Investing and Lending, investment Management and Institutional Clients service. The 1h2013 report informs that year-to-date the Company was ranked first in worldwide announced and completed mergers and acquisitions as well as in equity-related offerings, common stock offerings and initial public offerings. Advising a number of important transactions characterizes the Company as reliable and recognizable firm. The main driver for Goldman Sachs revenue in the 2nd quarter was favorable macroeconomic environment and increasing clients’ confidence in US economy, although their activity and risk appetite went slower in certain businesses by the end of the 2nd quarter. One more positive achievement is successful actions that improved Basel III capital ratio. The company look optimistic on their operating environment, at the same time they are taking to account possible expenses and risks. As for the 2nd quarter results, Goldman Sachs earned $18,7bn of total revenue compared with $16,6bn previous year. Non-interest revenue increased by 16,9%y/y to $17bn while net interest income decreased by 15,5% to $1,7bn. Increase in Investment Banking revenue reflects higher revenues in debt and equity underwriting; revenue for Institutional Client Services rose due to higher earnings from currencies, credit products and commodities, other businesses’ revenues stayed more or less flat q/q. The company significantly improved its Tier 1 Capital ratio from 14,4% to 15,6% and Tier 1 common ratio from 12,7% to 13,5% for the 2nd quarter. Pre-tax profit margin increased from 27,7% in the 1H2012 to 32,2% in the 1H2013. Thus, we positively estimate Goldman Sachs performance and potential, at the same time, future results largely depend on macroeconomic environment. Consensus target price - $171,11, upside risk – 3,3%, short-term goal - $170.