Nomura Securities analyst, Steven Chubak, reiterates a Buy rating for Goldman Sachs Group Inc (NYSE:GS) following the company’s Q2 results.

The analyst explains, “GS reported 2Q16 EPS of $3.72 vs. our $2.80 estimate and cons. of $3.05. Adjusting for the lower tax rate, core EPS was closer to $3.47. Versus our forecast, the core beat was primarily driven by better DCM and FICC, as well as higher I&L fees and lower non-comp.”

However, Despite the headline beat, the analyst explains that GS shares still underperformed. Chubak raised his FY16E EPS for GS from $13.75 to $14.34, and his FY17E EPS from $16.43 to $16.57.

According to TipRanks, Chubak is ranked #1,838 of 4,057 analysts. He maintains a success rate of 52% and realizes an average profit of 1.4% on his stock recommendations.