Goldman builds momentum on dealmaking strength and revenue momentum
GS•Goldman Sachs beat third-quarter profit estimates, helped by steady dealmaking and stronger equities trading revenue. Analysts cited a robust investment banking pipeline and revenue momentum; the median price target from 24 brokerages is $1,050.
1. Earnings and trading
Goldman Sachs beat third-quarter profit estimates on Tuesday, helped by steady dealmaking activity and a boost in equities trading revenue from market volatility driven by the Middle East conflict.
2. Analysts see support
Barclays said Goldman’s investment banking backlog remains very robust, supported by a strong pipeline of mergers and acquisitions and equity capital markets deals, and called the firm a likely major beneficiary of the AI investment cycle. Jefferies cited asset and wealth management performance and a constructive outlook for global banking and markets, while TD Cowen pointed to growth potential as investment banking activity recovers. Citizens said the quarterly performance provided revenue momentum and capital to support client activity in the fourth quarter. The median price target from 24 brokerages is $1,050.
