Goldman Sachs is trading at its highest level since the financial crisis

Lloyd BlankfeinJemal Countess/Getty ImagesGoldman Sachs CEO Lloyd Blankfein.

Goldman Sachs shares are trading at their highest levels since 2007.

Shares were trading at $218.90 around 12:15 pm ET Wednesday after increasing steadily from $161.27 on August 31.

Both Deutsche Bank and KBW banks analysts upgraded the global investment bank on Tuesday.

“For GS, we believe we are moving to a better trading environment for FICC trading and GS should benefit more than peers given the company’s reliance on trading results and the greater contribution from FICC revenues toward total revenues,” KBW’s Frederick Cannon, Brian Kleinhanzl, and Allyson Boyd wrote.

“In general, we are more confident in rising rates and better trading versus wide-sweeping regulatory changes and we believe BAC and GS offer the best exposure to both at still reasonable valuations.”

Deutsche Bank’s Matt O’Connor upgraded the bank to a buy rating, saying it seems well-positioned for a stronger macro environment given its revenue upside, good cost control, and a valuation below peers.

“A stronger economy should benefit many capital market businesses — incl advisory, equity capital markets, and both fixed and equity trading (all areas of strength at GS),” he wrote. “This should also be a positive backdrop for investing and lending (even assuming no regulatory changes).”

He also said he expects the firm’s recent rollout of its consumer lending platform, Marcus, to build momentum.

Most Wall Street banks have been performing strongly since President-elect Donald Trump’s electoral win earlier this month. The BKX index of bank stocks is up about 15% since the election versus a 3% rise in the S&P 500.

Trump on Wednesday named the former Goldman Sachs banker Steven Mnuchin as Treasury secretary. Steve Bannon, Trump’s incoming chief strategist, is also a Goldman Sachs alum.

Trump is also reportedly considering Goldman Sachs president Gary Cohn to be his budget chief.

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