Goldman Sachs (GS) Stock Forecast & Price Target

Goldman Sachs Group is supported by a best-in-class franchise in global banking and markets, with the #1 Global M&A Advisor position for the last 20 years and a 3Q26 revenue base that reached $18.68 billion as net income rose to $5.3 billion and EPS to $17.01. Its growing mix of fee-based businesses adds durability, as Asset & Wealth Management generated $5.05 billion in revenue, assets under supervision hit a record $4.10 trillion, and there were $97 billion of long-term net inflows, marking the 35th consecutive quarter of inflows. Strong capital generation and shareholder returns reinforce the bullish case, with a 12.4% CET1 ratio, $4.5 billion returned in the quarter, tangible book value per share up to $341.43, and nearly 50% of shares retired since the 1Q10 peak.

Goldman Sachs Group is facing pressure from sharply weaker segment performance, with Investments net revenues falling to $50.0 million from $441.0 million in the prior quarter and $342.0 million a year ago, while Platform Solutions revenue dropped to $170.0 million from $221.0 million and $598.0 million. Operating expenses climbed to $11.31 billion from $10.69 billion in the prior quarter and $8.69 billion in the year-ago quarter, reflecting higher transaction-based costs, compensation, and a roughly $450.0 million charitable contribution that weighed on EPS and returns. With downside tied to persistent inflation, policy uncertainty, recession risk, and softer capital markets, the firm's reliance on fee-based businesses such as investment banking, trading, and wealth management remains a key vulnerability.