Odeon Capital Group analyst Dick Bove upgraded Goldman Sachs Group Inc. over its "well-thought-out business plan" in the longer term.

The analyst said while the company delivered strong operating numbers for the fourth quarter of 2019, the primary reason for the upgrade is that Goldman Sachs now has a comprehensive plan for the creation of recurring revenue streams in the future.

Aside from dissecting its product offerings, Goldman Sachs is also rethinking who its customers should be, and building partnerships and internal efforts to reach a larger audience, Bove wrote.

Bove upgraded Goldman Sachs to "buy" from "hold" with a price target of $280 per share.