This morning Ms. Whitney issued her firm's first buy rating on a bank: Goldman Sachs was raised to a buy from a hold with a $186 target. Due to a surge in debt issuance by under-funded states and with Lehman gone, Goldman stands poised to gain market share in debt-related, Buy America, muni, and agency areas in the coming year. She thinks that they can do $4.65 a share in Q2 and close to $20 a share in 2010 and $22.10 in 2011. Her estimates only assume a 16% ROE, so she feels as though there could potentially be more upside to these numbers.