Goldman Sachs (GS) Stock Forecast & Price Target

Goldman Sachs Group is favored because its franchise combines dominant global M&A leadership, strong trading and underwriting capabilities, and a growing base of fee-oriented revenues that should smooth earnings through cycles. In 3Q26, it generated $18.68 billion of net revenues, $17.01 of EPS, and record AWM assets under supervision of $4.10 trillion with 35 consecutive quarters of long-term fee-based net inflows, while wealth and asset management plus private banking and lending produced $4.6 billion. Profitability and capital deployment also support the outlook, with core ROE of 19.7%, CET1 of 12.4%, total loans of $276.0 billion, and $4.5 billion returned to common shareholders, indicating a well-capitalized bank with durable earnings power.

Goldman Sachs Group is facing a negative outlook because its core Global Banking & Markets results are still volatile: GBM net revenues fell 13% sequentially to $13.46 billion, with FICC down 24% and Equities down 13%, showing heavy dependence on trading conditions. Platform Solutions remains a major drag, with net revenues down 72% year over year to $170 million, largely due to markdowns on the Apple Card loan portfolio, while operating expenses rose 5.8% sequentially to $11.31 billion and 30% year over year. Although tangible book value per share improved to $341.43, the investment banking fees backlog declined versus 2Q26 and end of 2025, leaving earnings exposed to weaker capital markets, regulatory risk, and the firm’s elevated sensitivity to macroeconomic shocks.