The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products, as well as underwriting services. The Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards and point-of-sale financing for purchase of goods or services. This segment also provides cash management services, such as deposit-taking and payment solutions for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Goldman Sachs демонстрирует смешанную фундаментальную картину. Хотя коэффициенты P/E, P/B и P/S значительно превышают медианные значения по отрасли, что может указывать на переоцененность, прибыльность компании остается на высоком уровне, с чистой маржей и операционной маржей, превышающими средние значения. Однако высокая долговая нагрузка (debt/equity) и низкие текущие и быстрые коэффициенты вызывают опасения относительно ликвидности и финансовой устойчивости. Дивидендные выплаты сократились до нуля, что может снизить привлекательность для инвесторов, ориентированных на доход. Несмотря на это, рост выручки и чистой прибыли по годам позитивно выделяет компанию на фоне конкурентов. В целом, хотя многие финансовые показатели демонстрируют положительную динамику, высокая оценка по мультипликаторам и долговая нагрузка могут ограничивать дальнейший рост цен на акции. Инвесторам следует внимательно следить за изменениями в финансовых показателях и стратегии компании.

Goldman Sachs Group, Inc. (The)

Key Points
Dutch Bros is expanding its footprint and hot food menu to compete with Starbucks.
Starbucks anticipates its "Back to Starbucks" strategy will yield greater growth in 2026 and beyond.
Approximately 66% of Americans drink coffee daily. Of that percentage, more than 80% drink two or more cups. Coffee is a big business, to say the least. Over the past couple of years, the U.S. coffee market exceeded $100 billion.
The coffee industry is fiercely competitive as it clamors for our love of caffeine. Starbucks (NASDAQ: SBUX) is a global franchise working to return to its status as a beloved "third place" in society -- a distinct social space, separate from home and work. Dutch Bros (NYSE: BROS) is a fast-growing drive-thru chain aggressively expanding its market share.
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Which stock is the better buy right now?
Dutch Bros is expanding its footprint and treats
Dutch Bros is a Pacific Northwest-based drive-thru coffee company that is rapidly growing. In fiscal year 2025, Dutch Bros increased its revenue 27.9% year over year. The company opened 154 new shops across 22 states. Lastly, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 31.4% compared to the previous year.
Dutch Bros is now developing a hot food menu to attract and retain even more customers. This addition will allow the chain to directly compete with breakfast and coffee staples such as Starbucks and Dunkin'.
The stock hasn't fared well over the past 12 months, though, declining nearly 15%. However, Goldman Sachs just upgraded Dutch Bros from neutral to buy.
Starbucks misses you
Last year was not easy for Starbucks. For the 2025 fiscal year, global comparable-store sales declined by 1%. Consolidated net revenues increased 3%, but operating margin fell precipitously amid the closing of more than 400 stores in North America.
Starbucks CEO Brian Niccol wants his "Back to Starbucks" restructuring plan to reestablish the brand as a pleasant coffee shop where you are welcome to sit and stay. Through menu simplification and in-store remodels, Starbucks has been busy implementing this strategy since late 2024.
The strategy's anticipated effectiveness is reflected in the company's 2026 guidance. Starbucks expects comparable-store sales growth of 3% or more, along with a slight improvement in margins.
Starbucks is also opening between 600 and 650 new coffeehouses globally this year. The stock rose 19% thus far in 2026. Its forward P/E ratio of 43 means Starbucks could be slightly overvalued.
What's the tea? Starbucks or Dutch Bros?
Ultimately, both stocks are showing bullish signs, but for different reasons. The winner depends on whether you are primarily a growth investor or a value investor.
For the growth investor, Dutch Bros is quickly opening new stores, and its financials are improving. With the stock down over 15% year to date, its price is becoming more attractive to long-term investors.
Starbucks is better suited to value investors, as it's already a large global company that pays a dividend. It's also likely to grow only modestly in the coming years. Starbucks' turnaround strategy should keep the company relevant and strong for years to come.
Depending on your goals, both stocks are solid choices.
Should you buy stock in Dutch Bros right now?
Before you buy stock in Dutch Bros, consider this:
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Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Dutch Bros, Goldman Sachs Group, and Starbucks. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Better Stock to Buy Right Now: Dutch Bros vs. Starbucks

Key Points
The Iranian blockade of the Strait of Hormuz sent oil prices soaring this week.
Energy stocks rose but make up less than 4% of the S&P 500, limiting their impact.
Goldman Sachs and Home Depot each dropped 6%, dragging down the Dow.
The stock market is ending a rough week. The leading stock indexes rose on Monday and Tuesday as the conflict in Iran seemed destined for a quick resolution. But the fighting only intensified from there, including an Iranian blockade of oil shipments through the critical Strait of Hormuz, which led to skyrocketing oil prices.
That's bad news in an era when AI data centers are consuming more electricity than ever, often generated by burning oil or natural gas. The combination of intense energy demand and limited supply also raises questions about the global economy. So the Iranian crisis is weighing on tech stocks, banks, and consumer goods giants alike. The only winners this week have been -- you guessed it -- energy producers and utility services.
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Energy stocks can't carry the market alone
As expected, most market indexes ended the week on a low note. Sure, energy stocks with limited operations in the Persian Gulf rose significantly but that wasn't enough to outweigh the secondary effects of high oil prices.
After all, the entire energy sector accounts for just 3.4% of the S&P 500's (SNPINDEX: ^GSPC) total market value. Most of the energy giants trade on the New York Stock Exchange, so the energy footprint on the Nasdaq Composite (NASDAQINDEX: ^IXIC) index works out to just 1% of the tech-heavy stock list.
And the only energy stock in the Dow Jones Industrial Average (DJINDICES: ^DJI) is Chevron (NYSE: CVX). With a share price just below $200, it carries a 2.4% weight on this price-weighted index. Even a large Chevron jump would barely move the Dow's needle overall.
The Magnificent 7 had a terrible week
The Dow took heavy hits from a 6% price drop in Goldman Sachs (NYSE: GS) this week, followed by another 6% retreat for Home Depot (NYSE: HD). The S&P 500 and Nasdaq Composite took their leading cues from several of the Magnificent 7 stocks, each losing more than $100 billion of market value over the same period.
Amazon (NASDAQ: AMZN) took the deepest cuts, with its market cap shrinking by $120 billion compared to last Friday. Amazon is investing $200 billion in AI-processing data centers this year, so there's a direct link to rising power costs.
The Iranian conflict will probably continue to set the market's overall tone until it winds down. It may feel like a bear market, but the downdraft is still far too weak for that moniker. The three top indexes still trade less than 7% below their recent all-time peaks, and this week's total drops clocked in below the 2% mark across the board.
The bearish tag only appears after S&P 500 drawdowns of at least 20% from a recent high. The storm clouds are gathering, centered around Iran and the Strait of Hormuz. It's too early to panic, but you may want to prepare for some rough seas.
Should you buy stock in Dow Jones Industrial Average right now?
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Anders Bylund has positions in Amazon. The Motley Fool has positions in and recommends Amazon, Chevron, Goldman Sachs Group, and Home Depot. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Stock Indexes Ended This Week in the Red

Investors looking for stocks in the Financial - Investment Bank sector might want to consider either Goldman Sachs (GS) or MarketAxess (MKTX). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
Currently, Goldman Sachs has a Zacks Rank of #2 (Buy), while MarketAxess has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that GS likely has seen a stronger improvement to its earnings outlook than MKTX has recently. But this is only part of the picture for value investors.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
GS currently has a forward P/E ratio of 13.88, while MKTX has a forward P/E of 22.29. We also note that GS has a PEG ratio of 0.96. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. MKTX currently has a PEG ratio of 3.01.
Another notable valuation metric for GS is its P/B ratio of 2.15. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, MKTX has a P/B of 5.89.
These metrics, and several others, help GS earn a Value grade of B, while MKTX has been given a Value grade of D.
GS sticks out from MKTX in both our Zacks Rank and Style Scores models, so value investors will likely feel that GS is the better option right now.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

GS or MKTX: Which Is the Better Value Stock Right Now?

Goldman Sachs (GS) has been on a downward spiral lately with significant selling pressure. After declining 12.9% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why a Trend Reversal is Due for GS
The heavy selling of GS shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 28.47. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for GS has increased 0.2%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, GS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Down 12.9% in 4 Weeks, Here's Why Goldman (GS) Looks Ripe for a Turnaround

Key Points
After sliding in value for months, Bitcoin has reversed course as a result of geopolitical tensions in the Middle East.
Just one year ago, Bitcoin was widely viewed as a potential safe asset.
If the performance gap between gold and Bitcoin narrows, Bitcoin could regain its status.
Market sentiment in the crypto market can turn on a dime. The latest example of that involves Bitcoin (CRYPTO: BTC). Just five months ago, the price of Bitcoin was soaring, but it's now down to about $70,000, a decline of almost 45% from its record high in October.
That's a remarkable reversal of fortune for the world's top cryptocurrency. In the minds of many investors, Bitcoin was as far from a safe asset as possible. So after recovering some lost ground, is Bitcoin on the way back?
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The search for safe haven status
Heading into 2025, the conventional wisdom was that Bitcoin was a long-term store of value, and one of the best ways to preserve wealth amid macroeconomic headwinds and geopolitical tensions. In fact, some hedge fund investors and Bitcoin advocates were banging the table for the crypto as a digital version of gold.
But by the end of last year, that argument had pretty much fallen apart. While gold is up nearly 75% d the past 12 months, Bitcoin is still far away from its all-time high of $126,000. For the past five months, the two assets have been trading in opposite directions.
However, the behavior of financial markets in the aftermath of the Iran strikes has been, well, strange. Yes, the price of oil is up, and that's not so strange. But why are U.S. government bond yields trending up? And why has the reaction of the U.S. stock market been, in the words of Goldman Sachs (NYSE: GS) Chairman and Chief Executive Officer David Solomon, so "benign"?
Bitcoin's performance during the first week of the Iran war has been interesting, to say the least. It initially tanked in value as soon as missiles began to fly. But now it's been climbing, and is up about to $70,000 (as of March 10). Some think this mini-rally could propel Bitcoin higher, perhaps all the way to the $80,000 price level.
A bull trap for Bitcoin investors?
Just keep in mind: This could also be a bull trap for Bitcoin traders. In other words, the price of Bitcoin will rise just high enough to lure in new investors, at which point the trap will suddenly spring shut. At that point, the price of Bitcoin will once again decline, and investors who bought into all the hype about Bitcoin being back will be trapped.
But I don't think so. According to research from asset management giant BlackRock (NYSE: BLK), what's happening now in the aftermath of the Iran conflict is the same pattern that has emerged after other financial shocks. The knee-jerk reaction is always to move money into gold. But once the initial panic subsides, money moves into Bitcoin.
An investment in Bitcoin is never going to be safe, of course. But Bitcoin is once again showing signs of emerging as a safe-haven asset for investors looking for shelter from the geopolitical storm. At a price of just $70,000, Bitcoin could be hugely undervalued.
Should you buy stock in Bitcoin right now?
Before you buy stock in Bitcoin, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $511,735!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,140,464!*
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*Stock Advisor returns as of March 13, 2026.
Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Goldman Sachs Group. The Motley Fool recommends BlackRock. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is Bitcoin Now a Safe-Haven Asset? If So, Then It Could Be Hugely Undervalued at Just $70,000

The S&P 500 Index ($SPX) (SPY) on Thursday closed down -1.52%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -1.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.73%. March E-mini S&P futures (ESH26) fell -1.49%, and March E-mini Nasdaq futures (NQH26) fell -1.75%.
Stocks fell sharply on Thursday as a surge in crude oil prices stoked fears that the war against Iran would crimp global fuel supplies and boost inflation. WTI crude oil prices soared more than +9% on Thursday amid widening disruptions to crude production and transport in the Middle East.
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Stocks extended their losses on Thursday, and crude prices added to their gains on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used, and attacks on Gulf Arab neighbors will continue. He added that Iran will open unspecified “other fronts” in the war if the US and Israel persist with their attacks. Also, comments from President Trump gave crude prices a boost when he said that preventing Iran from having nuclear weapons is "of far greater interest and importance" to him than the cost of oil, a sign that the war in the Middle East isn't close to a de-escalation.
Credit concerns weighed on bank stocks and asset managers on Thursday after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Private credit funds are grappling with a wave of redemption requests amid growing concerns over the quality of their loans. BlackRock last week decided to limit withdrawals, a move that other asset managers have since followed.
Crude oil prices rallied sharply on Thursday despite the IEA members' decision on Wednesday to release 400 million barrels from emergency oil stockpiles. The IEA said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producers to cut output because they can’t export from the region. UK Defense Secretary Healey said Thursday that it is increasingly evident that Iran is laying mines in the Strait of Hormuz, which could keep the strait closed for the foreseeable future.
Iran’s President Masoud Pezeshkian said his country would need “firm international guarantees against future aggression” to accept a ceasefire as well as reparations. However, comments from President Trump late Wednesday suggest the conflict could continue for weeks when he said that it would be unwise for the US to wind down hostilities too soon.
US economic news on Thursday was mixed for stocks after weekly jobless claims rose less than expected, a sign of labor market strength. Also, Jan housing starts unexpectedly rose to an 11-month high, but Jan building permits fell to a 5-month low.
US weekly initial unemployment claims fell -1,000 to 213,000, showing a stronger labor market than expectations of an increase to 215,000.
US Jan housing starts unexpectedly rose +7.2% m/m to an 11-month high of 1.487 million, stronger than expectations of a decline to 1.341 million. Jan building permits, a proxy for future construction, fell -5.4% m/m to a 5-month low of 1.376 million, weaker than expectations of 1.410 million.
The US Jan trade deficit shrank to -$54.5 billion, narrower than expectations of -$66.0 billion.
Q4 earnings season is nearly over, with more than 98% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 495 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 0% chance for a -25 bp FOMC rate cut at the next policy meeting on March 17-18.
Overseas stock markets settled lower on Thursday. The Euro Stoxx 50 closed down -0.79%. China's Shanghai Composite fell from a 1-week high and closed down -0.10%. Japan's Nikkei Stock 225 closed down -1.04%.
Interest Rates
June 10-year T-notes (ZNM6) on Thursday closed down by -18.5 ticks. The 10-year T-note yield rose +3.9 bp to 4.269%. June T-notes fell to a 5-week low on Thursday, and the 10-year T-note yield climbed to a 5-week high of 4.275%. Thursday’s +9% rally in oil prices raised inflation expectations and undercut T-note prices. Also, concerns that the cost of the ongoing war against Iran will boost the US budget deficit are bearish for T-notes. On the positive side for T-notes on Thursday was strong demand for the Treasury’s $22 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.45, above the 10-auction average of 2.39.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose to a 2.25-year high of 2.962% and finished up +2.5 bp to 2.957%. The 10-year UK gilt yield climbed to a 6.25-month high of 4.800% and finished up +8.7 bp to 4.773%.
The European Union's economy chief, Valdis Dombrovskis, said the inflation rate could surpass 3% this year, and GDP in the Eurozone could be as much as -0.4 points lower if the war in the Middle East causes crude oil prices to remain around $100 per barrel and gas prices stay elevated for an extended period.
Swaps are discounting a 3% chance of a -25 bp ECB rate hike at its next policy meeting on March 19.
US Stock Movers
Airline stocks and cruise line operators sold off on Thursday amid a 9% surge in crude oil prices, which are boosting companies’ fuel costs and threatening earnings. Carnival (CCL) and Southwest Airlines (LUV) closed down more than -7%, and Alaska Air Group (ALK) and Royal Caribbean Cruises (RCL) closed down more than -6%. Also, United Airlines Holdings (UAL), Norwegian Cruise Line Holdings (NCLH), and American Airlines Group (AAL) closed down more than -4%. In addition, Delta Airlines (DAL) closed down more than -2%.
Chip stocks retreated on Thursday, weighing on the broader market. Intel (INTC) closed down more than -5%, and Lam Research (LRCX), ARM Holdings Plc (ARM), Microchip Technology (MCHP), and Texas Instruments (TXN) closed down more than -4%. Also, Applied Materials (AMAT), KLA Corp (KLAC), Analog Devices (ADI), Advanced Micro Devices (AMD), Micron Technology (MU), and Marvell Technology (MRVL) closed down more than -3%.
Credit concerns weighed on bank stocks and asset managers on Thursday after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Ares Management (ARES) closed down more than -6%, and
Goldman Sachs (GS) closed down more than -4% to lead losers in the Dow Jones Industrials. Also, Morgan Stanley (MS), KKR & Co (KKR), and Citigroup (C) closed down more than -3%.
The Magnificent Seven technology stocks fell on Thursday, pressuring the broader market. Tesla (TSLA) closed down more than -3%, and Meta Platforms (META) closed down more than -2%. Also, Alphabet (GOOGL), Apple (AAPL), Amazon.com (AMZN), and Nvidia (NVDA) closed down more than -1%, and Microsoft (MSFT) closed down -0.73%.
Fertilizer stocks rallied on Thursday amid supply disruptions from the closure of the Strait of Hormuz. CF Industries Holdings (CF) closed up more than +13% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) closed up more than +10%, and Mosaic (MOS) closed up more than +7%.
Energy producers and service providers rose on Thursday after crude prices jumped more than +9%. ConocoPhillips (COP), Chevron (CVX), Phillips 66 (PSX), and Valero Energy (VLO) closed up more than -2%. Also, APA Corp (APA), Devon Energy (DVN), Exxon Mobil (XOM), and Marathon Petroleum (MPC) closed up more than +1%.
Netskope (NTSK) closed down more than -21% after forecasting a Q1 adjusted net loss per share of -6 cents to -7 cents, wider than Q4’s -4 cent EPS loss.
G-III Apparel Group Ltd (GIII) closed down more than -11% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million.
UiPath (PATH) closed down more than -7% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million.
Dollar General (DG) closed down more than -6% after giving an underwhelming 2027 comparable sales forecast of up +2.2% to +2.7%, the midpoint right on the consensus of +2.45%.
GlobalFoundries (GFS) closed down more than -5% after a subsidiary of Mubadala Investment Co. was said to sell as much as $852 million of its stake in the stock overnight at $41.60 to $42.60 per share.
MercadoLibre (MELI) closed down more than -4% after JPMorgan Chase downgraded the stock to neutral from overweight.
LyondellBasell Industries NV (LYB) closed up more than +10% after Citigroup upgraded the stock to buy from neutral with a price target of $76.
Dow Inc. (DOW) closed up more than +9% after Citigroup upgraded the stock to buy from neutral with a price target of $40.
Occidental Petroleum (OXY) closed up more than +5% after Wells Fargo Securities double upgraded the stock to overweight from underweight with a price target of $69.
Earnings Reports(3/13/2026)
4D Molecular Therapeutics Inc (FDMT), Actuate Therapeutics Inc (ACTU), AirSculpt Technologies Inc (AIRS), AlTi Global Inc (ALTI), American Vanguard Corp (AVD), Avidity Biosciences Inc (RNAM), Better Home & Finance Holding (BETR), Bit Digital Inc (BTBT), Blue Foundry Bancorp (BLFY), Buckle Inc/The (BKE), CapsoVision Inc (CV), Citizens Inc/TX (CIA), Emerald Holding Inc (EEX), Eve Holding Inc (EVEX), GoHealth Inc (GOCO), Gossamer Bio Inc (GOSS), John Marshall Bancorp Inc (JMSB), LENSAR Inc (LNSR), MeiraGTx Holdings plc (MGTX), NET Lease Office Properties (NLOP), Perma-Fix Environmental Services (PESI), Value Line Inc (VALU), Waldencast plc (WALD).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slump on Iran War and Credit Woes

The S&P 500 Index ($SPX) (SPY) today is down -1.22%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.46%. March E-mini S&P futures (ESH26) are down -1.20%, and March E-mini Nasdaq futures (NQH26) are down -1.40%.
Stocks are under pressure today as crude oil prices keep rising amid widening disruptions to production and transport in the Middle East. WTI crude oil prices are up more than +9% today after Iraq suspended oil terminal activity following an attack by Iran on two tankers. Oman also temporarily evacuated a key oil export hub at Mina Al Fahal, and Iran escalated attacks on Dubai.
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Stocks extended their losses today, and crude prices added to their gains on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used and attacks on Gulf Arab neighbors will continue. He added that Iran will open unspecified “other fronts” in the war if the US and Israel persist with their attacks.
Credit concerns are weighing on bank stocks and asset managers today after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Private credit funds are grappling with a wave of redemption requests amid growing concerns over the quality of their loans. BlackRock last week decided to limit withdrawals, a move that other asset managers have since followed.
Crude oil prices are moving higher today despite the IEA members' decision on Wednesday to release 400 million barrels from emergency oil stockpiles. The IEA said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producers to cut output because they can’t export from the region.
Iran’s President Masoud Pezeshkian said his country would need “firm international guarantees against future aggression” to accept a ceasefire as well as reparations. However, comments from President Trump late Wednesday suggest the conflict could continue for weeks when he said that it would be unwise for the US to wind down hostilities too soon.
US economic news today was mixed for stocks after weekly jobless claims rose less than expected, a sign of labor market strength. Also, Jan housing starts unexpectedly rose to an 11-month high, but Jan building permits fell to a 5-month low.
US weekly initial unemployment claims fell -1,000 to 213,000, showing a stronger labor market than expectations of an increase to 215,000.
US Jan housing starts unexpectedly rose +7.2% m/m to an 11-month high of 1.487 million, stronger than expectations of a decline to 1.341 million. Jan building permits, a proxy for future construction, fell -5.4% m/m to a 5-month low of 1.376 million, weaker than expectations of 1.410 million.
The US Jan trade deficit shrank to -$54.5 billion, narrower than expectations of -$66.0 billion.
Q4 earnings season is nearly over, with more than 95% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 492 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 0% chance for a -25 bp FOMC rate cut at the next policy meeting on March 17-18.
Overseas stock markets are lower. The Euro Stoxx 50 is down -1.30%. China's Shanghai Composite fell from a 1-week high and closed down -0.10%. Japan's Nikkei Stock 225 closed down -1.04%.
Interest Rates
June 10-year T-notes (ZNM6) are down by -8 ticks. The 10-year T-note yield is up +1.4 bp to 4.243%. June T-notes fell to a 5-week low today, and the 10-year T-note yield climbed to a 5-week high of 4.249%. Today’s +9% rally in oil prices is raising inflation expectations and undercutting T-note prices. Also, concerns that the cost of the ongoing war against Iran will boost the US budget deficit are bearish for T-notes. In addition, supply pressures are weighing on T-notes as the Treasury will auction $22 billion of 30-year bonds later today.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 2.25-year high of 2.962% and is up +1.6 bp to 2.948%. The 10-year UK gilt yield is up +9.7 bp to 4.784%.
The European Union's economy chief, Valdis Dombrovskis, said the inflation rate could surpass 3% this year and GDP in the Eurozone could be as much as -0.4 points lower if the war in the Middle East causes crude oil prices to remain around $100 per barrel and gas prices stay elevated for an extended period.
Swaps are discounting a 3% chance of a -25 bp ECB rate hike at its next policy meeting on March 19.
US Stock Movers
Airline stocks and cruise line operators are falling today due to the 8% surge in crude oil prices, which are boosting companies’ fuel costs and threatening earnings. Carnival (CCL) and Royal Caribbean Cruises (RCL) are down more than -6%, and United Airlines Holdings (UAL) is down more than -4%. Also, Norwegian Cruise Line Holdings (NCLH), American Airlines Group (AAL), Alaska Air Group (ALK), and Southwest Airlines (LUV) are down more than -3%. In addition, Delta Airlines (DAL) is down more than -2%.
Chip stocks are sliding today, weighing on the broader market. Lam Research (LRCX), Applied Materials (AMAT), ARM Holdings Plc (ARM), Micron Technology (MU), and Intel (INTC) are down more than -4%. Also, ASML Holding NV (ASML), Analog Devices (ADI), Advanced Micro Devices (AMD), KLA Corp (KLAC), Microchip Technology (MCHP), and Texas Instruments (TXN) are down more than -3%.
Credit concerns are weighing on bank stocks and asset managers today after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Morgan Stanley (MS) and KKR & Co (KKR) are down more than -4%. Also, Goldman Sachs (GS) is down more than -3% to lead losers in the Dow Jones Industrials. In addition, Citigroup (C) and Ares Management (ARES) are down more than -3%.
Fertilizer stocks are climbing today amid supply disruptions from the closure of the Strait of Hormuz. CF Industries Holdings (CF) is up more than +10% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) is up more than +8%, and Mosaic (MOS) is up more than +5%.
Netskope (NTSK) is down more than -24% after forecasting a Q1 adjusted net loss per share of -6 cents to -7 cents, wider than Q4’s -4 cent EPS loss.
G-III Apparel Group Ltd (GIII) is down more than -12% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million.
GlobalFoundries (GFS) is down more than -6% after a subsidiary of Mubadala Investment Co. was said to sell as much as $852 million of its stake in the stock overnight at $41.60 to $42.60 per share.
Dollar General (DG) is down more than -5% after giving an underwhelming 2027 comparable sales forecast of up +2.2% to +2.7%, the midpoint right on the consensus of +2.45%.
UiPath (PATH) is down more than -5% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million.
MercadoLibre (MELI) is down more than -5% to lead losers in the Nasdaq 100 after JPMorgan Chase downgraded the stock to neutral from overweight.
Dow Inc. (DOW) is up more than +6% after Citigroup upgraded the stock to buy from neutral with a price target of $40.
LyondellBasell Industries NV (LYB) is up more than +5% after Citigroup upgraded the stock to buy from neutral with a price target of $76.
Occidental Petroleum (OXY) is up more than +4% after Wells Fargo Securities double upgraded the stock to overweight from underweight with a price target of $69.
Atlassian Corp (TEAM) is up more than +2% after announcing a restructuring that will eliminate about 10% of its workforce. UBS upgraded the stock to buy from neutral with a price target of $97.
Earnings Reports(3/12/2026)
Dollar General Corp (DG), Ulta Beauty Inc (ULTA), Lennar Corp (LEN), Adobe Inc (ADBE).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat Amid Rising Crude Prices and Credit Worries

On a valuation basis, shares of Morgan Stanley MS appear to be trading at a premium relative to the industry. The company’s forward 12-month price/earnings (P/E) ratio of 14.31 is above the industry average of 13.01.
Even if we compare MS’ current valuation with two of its closest peers, JPMorgan JPM and Goldman Sachs GS, the stock appears overvalued. JPMorgan has a P/E (F12M) ratio of 13.04 and Goldman Sachs has a forward 12-month P/E ratio of 14.26.
P/E (F12M) Ratio
Image Source: Zacks Investment Research
The relatively stretched valuation of Morgan Stanley may discourage investors from buying the stock. This is because premium-valued stocks are more vulnerable to valuation multiple compression if industry conditions deteriorate. In such a scenario, a reversion toward the mean valuation level could lead to a sharp correction in the stock price.
However, investors should not completely avoid Morgan Stanley solely due to its premium valuation. Before making any investment decision, it is important to assess the company’s underlying fundamentals and growth prospects to determine whether the higher valuation is justified.
What’s Aiding Morgan Stanley’s Growth?
Increased Focus on Wealth & Asset Management Operations: For a long time now, Morgan Stanley has been lowering its reliance on capital markets for income generation. It has been focusing more on expanding its wealth and asset management operations through targeted acquisitions that expand distribution and deepen engagement. The purchases of E*TRADE and Eaton Vance accelerated its move into scaled wealth channels and investment solutions. It also built a meaningful workplace wealth footprint through Solium (now Shareworks by Morgan Stanley), extending its reach via corporate stock-plan relationships.
More recently, the acquisition of EquityZen broadened access to private-market liquidity and investments, capabilities that can strengthen client retention and wallet share.
By the end of 2025, the wealth and investment management segments together accounted for 54% of the firm’s total net revenues, up from 26% in 2010. The wealth management segment’s total client assets have witnessed a five-year (2020-2025) compound annual growth rate (CAGR) of 13%, while the investment management segment’s total assets under management saw a CAGR of 19.4% over the same period. As of Dec. 31, 2025, total client assets across both segments reached $9.3 trillion, bringing the company closer to its longstanding $10-trillion asset management target set by former CEO James Gorman.
Solid Investment Banking (IB) Business: After several false starts, global mergers and acquisitions (M&As) finally witnessed a decisive upswing in the second half of 2025 amid easing regulation hopes and inflation pressures, setting the stage for a stronger 2026.
Per Dealogic, global M&As jumped 41% year over year to $4.81 trillion last year, led by a record 70 megadeals. In 2026, M&As are likely to shift from high-risk transformational deals to de-conglomeration and buy-and-build strategies. This back-to-basics focus will likely lift mid-market activity through smaller, synergy-rich add-ons and faster tech integration.
Although the IB business remains sensitive to economic uncertainty, Morgan Stanley is expected to be a winner this year against the bright industry prospects. The company’s IB revenues grew 23% year over year in 2025, riding a wave of deal-making and IPO activity. This followed a 35% jump in IB revenues in 2024 as clarity on several macroeconomic matters emerged.
Looking ahead, a healthy global IB pipeline, an active M&A market, “reopening of the IPO market,” and the company’s leadership position will help it capitalize amid the changing macro situation.
Strategic Collaborations: MS’ partnership with Mitsubishi UFJ Financial Group, Inc. MUFG will likely continue to support its profitability. In 2023, the companies announced plans to deepen their 15-year alliance by merging certain operations within their Japanese brokerage joint ventures. The new partnership saw combined Japanese equity research, sales and execution services for institutional clients at Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities. Also, their equity underwriting business has been rearranged between the two brokerage units. These efforts will solidify the company’s position in Japan’s market.
This has helped Morgan Stanley achieve record equity net revenues, particularly in Asia, through outperformance in prime brokerage and derivatives, led by solid client activity amid heightened volatility. The company’s Asia region revenues grew 23% year over year to $9.42 billion in 2025.
In September 2025, Jed Finn, head of wealth management at Morgan Stanley, stated in an interview with Bloomberg that the company has collaborated with Zerohash, a cryptocurrency infrastructure provider, enabling E*TRADE clients to trade in popular cryptocurrencies starting in the first half of 2026. The initiative is expected to boost Morgan Stanley’s revenues through trading spreads, advisory fees on crypto allocations and future services, like custody and tokenization, and support client retention.
Robust Balance Sheet Position: As of Dec. 31, 2025, the company had long-term debt of $341.7 billion, with $26.2 billion expected to mature over the next 12 months. The company’s average liquidity resources were $385.9 billion as of the same date.
Morgan Stanley’s capital distribution plans have been impressive. Following the clearance of the 2025 stress test, it announced an 8% hike in quarterly dividend to $1.00 per share. It reauthorized a multi-year share repurchase program of up to $20 billion (no expiration date). The company has increased its dividend five times in the last five years, with an annualized growth rate of 17.16%.
Given a solid liquidity position and earnings strength, Morgan Stanley is expected to be able to continue with efficient capital distribution activities, thereby enhancing shareholder value.
Analyzing MS’ Price Performance
In the past six months, MS shares have gained 2.7% against the industry’s decline of 2.5%. During this period, the S&P 500 Index has rallied 3.3%.
MS has underperformed Goldman Sachs but outperformed JPMorgan in the past six months. Goldman Sachs shares have gained 4.7%, while the JPMorgan stock has declined 6.9%.
6-Month Price Performance
Image Source: Zacks Investment Research
How to Approach Morgan Stanley Stock Now?
In the near term, industry challenges might weigh on Morgan Stanley. Concerns around the private credit market, stricter capital requirements under evolving global banking regulations, and ongoing geopolitical and market volatility could pressure profitability and investor sentiment toward Morgan Stanley.
However, Morgan Stanley’s continued efforts to reduce the dependence on volatile capital markets–driven revenues by strengthening its wealth management and investment management businesses will continue to support growth in the long run because these segments generate more stable, recurring fee income.
Gradually declining interest rates are expected to support client activity across advisory, deal-making and capital-raising businesses, which would likely benefit the company’s overall revenue momentum. MS’ solid balance sheet and strong capital position further provide flexibility to invest in growth initiatives, pursue strategic opportunities and return capital to shareholders.
The company continues to enjoy favorable analyst sentiment, reflecting confidence in its diversified business model and long-term growth prospects. Over the past 60 days, the Zacks Consensus Estimate for Morgan Stanley’s 2026 and 2027 earnings has been revised upward. The 2026 earnings estimate of $11.09 indicates a rise of 8.6% from that reported in the previous year. The 2027 estimate of $11.87 suggests year-over-year growth of 7%.
Earnings Estimate Revision
Image Source: Zacks Investment Research
Morgan Stanley’s premium valuation seems justified by its business transformation and strong earnings stability. With multiple growth levers in place, including expansion in fee-based businesses, disciplined cost management and strategic investments, the company appears well-positioned to sustain financial performance and deliver stable revenue growth over the long term, making it an attractive investment option now.
Currently, Morgan Stanley carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
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Should You Invest in Morgan Stanley Despite Its Premium Valuation?

The Goldman Sachs Group, Inc. GS shares have jumped 53.5% in 2025, outperforming the industry’s growth of 37.1%, and its peers JPMorgan JPM and Morgan Stanley’s MS rallies of 34.4% and 41.2%, respectively.
Price Performance
Image Source: Zacks Investment Research
After such a strong rally, investors are now asking an important question: Should they hold the stock for further upside or lock in profits?
To answer that, let us examine the key growth drivers and risks shaping Goldman’s 2026 outlook.
Factors Impacting Goldman’s Performance
Investment Banking Rebound Driving Momentum: Given the industry-wide turnaround in the investment banking (IB) business, Goldman’s performance has been impressive. The company’s IB revenues rose 21% year over year in 2025, riding a wave of deal-making and initial public offering (IPO) activity.
Going ahead, a healthy global IB pipeline, an active merger and acquisition (M&A) market, “reopening of the IPO market,” and the company’s leadership position will aid it amid the changing macro situation.
Against this backdrop, GS stands out as a key beneficiary. Management projects an even stronger M&A environment in 2026, provided macroeconomic conditions remain stable. The company has seen high levels of client engagement across its IB business, and expects the activity to accelerate in 2026. With the IB backlog at a four-year high and the company’s leadership position in IB, Goldman is well-positioned to benefit in the upcoming period. Similarly, JPMorgan and Morgan Stanley are expected to record solid IB income growth this year as the industry-wide backdrop turns favorable.
Strategic Streamlining Is Paying Off: The company’s streamlining efforts have been underway for some time as it retreats from the underperforming consumer banking ventures. Under CEO David Solomon, the company has embarked on a deliberate transformation to exit non-core consumer banking and double down on the divisions where Goldman maintains a clear competitive advantage.
In sync with its restructuring efforts, in January 2026, Goldman signed an agreement to transition the Apple Card program and associated accounts to JPMorgan. In December 2025, Goldman entered an agreement to acquire Innovator Capital Management. The deal significantly expands Goldman’s active ETF capabilities and is part of a broader pivot toward building “durable revenue streams” through diversified asset management and wealth-management offerings. In November 2025, Goldman reached an agreement with ING Bank Slaski to divest its Polish asset management firm, TFI. The deal is targeted for completion in the first half of 2026. In the third quarter of 2025, Goldman completed the sale of its GM credit card business to Barclays.
In 2024, Goldman completed the sale of GreenSky. In 2023, it sold its Personal Financial Management unit to Creative Planning and also sold all of Marcus’s loan portfolio, part of its broader retreat from consumer banking.
These moves demonstrate a well-thought-out exit, allowing the company to reallocate capital and attention toward higher-margin, more scalable businesses like Global Banking and Markets and the asset and wealth management (AWM) divisions. The benefits of business restructuring began to show in the numbers. The Global Banking and Markets segment’s net revenues rose 18% year over year in 2025, whereas the AWM division’s net revenues rose 2%, reflecting growing fee income and strength in private credit. AWM division’s scale continues to expand. Total assets under supervision rose to a record $3.61 trillion in 2025.
Scaling AI to Transform Business: GS is executing a firmwide artificial intelligence (AI) transformation that spans trading, investment banking, asset management and internal productivity, with a clear objective to lift fee income and expand operating leverage over the coming years. At the center of this effort are the “One Goldman Sachs 3.0 (OneGS 3.0)” transformation and the “GS AI Assistant” program, both designed to embed generative and predictive AI into nearly every major workflow across the firm.
Management described OneGS 3.0 as a multi-year overhaul that embeds AI as a core operating capability rather than a standalone tool. The initiative focuses on simplifying processes, boosting productivity and enabling scalable growth, supported by high-quality data, shared platforms and modern infrastructure.
In parallel, the firm is reshaping its front-office strategy, recently reorganizing its TMT investment banking division to sharpen its focus on AI-related deal-making, including digital infrastructure, semiconductors, connectivity and core software, in response to evolving client demand.
Beyond operations and advisory, Goldman’s AI push is reshaping its revenue mix toward higher-fee, data-driven businesses and away from more balance-sheet-intensive activities. The planned acquisition of Industry Ventures reflects this shift, as Goldman looks to apply advanced analytics and AI to improve valuation, risk assessment and portfolio construction in private markets.
Overall, AI is emerging as a long-term growth engine for the firm, strengthening operating leverage, deepening client relevance and reinforcing Goldman’s competitive positioning.
Betting Big on Private Equity to Aid Growth: The company is aggressively expanding its private equity and alternatives business throug acquisitions, platform enhancements and the integration of new investment capabilities, which will likely support its growth over the long run.
In sync with this, in January 2026, Goldman acquired Industry Ventures, a leading venture capital platform that invests across all stages of the venture capital lifecycle. The acquisition underscores Goldman’s intent to strengthen its position in private markets and expand access to high-growth technology companies for clients globally.
In September 2025, GS partnered with T. Rowe Price in a $1-billion deal to co-develop retirement and wealth products. Later, the firms expanded the partnership to roll out alternative investment offerings for wealthy clients in 2025 and retirement savers in 2026. In January 2025, the company launched initiatives to grow private credit and other asset classes, including forming the Capital Solutions Group and expanding its alternatives team.
Goldman is expanding its private equity credit services internationally, focusing on Europe, the U.K. and Asia. Private banking and lending revenues reached record levels in 2025. Management expects high-single-digit annual growth in private banking and lending revenues over time, supported by international expansion, deeper integration with alternatives and continued focus on capital-light, client-driven lending solutions.
Private lending remains a key contributor to the firm’s target of improving AWM margins and returns over the medium term. The company's AWM unit intends to expand its private credit portfolio to $300 billion by 2029.
However, concerns in the private credit market could create risks for Goldman, especially if economic conditions weaken and borrowing costs stay high. Because private credit often funds middle-market companies, rising defaults or refinancing difficulties could lead to write-downs and lower returns on Goldman’s lending investments. In addition, investor caution toward the sector could slow fundraising and deal activity, potentially pressuring the firm’s asset management business growth in the near term.
Robust Liquidity Aids Capital Distribution: GS maintains a fortress balance sheet, with the Tier 1 capital ratios well above regulatory requirements. This financial strength allows it to return capital to shareholders aggressively through buybacks and a healthy dividend yield.
As of Dec. 31, 2025, Wells Fargo’s long-term debt was $174.7 billion. However, short-term borrowings were $251 billion. The company has a strong liquidity position, with a liquidity coverage ratio of 119% as of Dec. 31, 2025, which has exceeded its regulatory minimum of 100%. Its liquid assets (including cash and due from banks, as well as interest-earning deposits with banks) totaled $174.2 billion as of the same date.
Given its strong liquidity, the company rewards its shareholders handsomely. In January 2026, the company increased the quarterly dividend 12.5% to $4.50 per common share. In the past five years, the company has hiked dividends six times, with an annualized growth rate of 20.8%. Currently, it has a dividend yield of 2.2%.
JPMorgan raised its dividends six times over the past five years and offers a dividend yield of 2.1%. Morgan Stanley has raised its dividends five times over the past five years and has a dividend yield of 2.5%.
Additionally, Goldman has a share repurchase plan in place. In April 2025, its board of directors authorized an additional $40-billion share repurchase program, following the $30-billion authorization announced in July 2023. As of Dec. 31, 2025, the company had remaining authority to repurchase up to $29.7 billion of common stock.
Goldman’s Earnings Prospects & Valuation Analysis
Analysts are bullish on GS. Over the past 60 days, the Zacks Consensus Estimate for 2026 and 2027 earnings has been revised upward. The Zacks Consensus Estimate for Goldman’s 2026 and 2027 earnings implies year-over-year growth of 10.3% and 10.7%, respectively.
Estimate Revision Trend
Image Source: Zacks Investment Research
In terms of valuation, the GS stock looks expensive compared with the industry. The stock is trading at a forward price/earnings (P/E) of 14.26X above the industry average of 12.94X. Its peers, JPMorgan and Morgan Stanley, have forward P/E multiples of 13.04X and 14.31X, respectively.
P/E F12M
Image Source: Zacks Investment Research
Final Thoughts on GS Stock
Despite its strong rally in 2025, the long-term investment case for Goldman remains compelling. The company is benefiting from a rebound in IB activity, strong momentum in M&A and IPO markets, and a strategic shift toward higher-margin businesses, such as asset and wealth management.
Several structural drivers could support continued growth. Goldman’s expanding private credit and alternatives platform, growing assets under supervision, and firmwide AI transformation through initiatives like OneGS 3.0 position the bank to improve efficiency, enhance client offerings and generate higher fee-based revenues. At the same time, a strong capital base, impressive dividend yield and an active share-repurchase program provide additional support for shareholder returns.
While the stock now trades slightly above the industry average valuation and risks remain tied to macroeconomic uncertainty or private-credit market stress, Goldman’s leadership in global investment banking and strengthening diversified revenue streams suggest it is well-equipped to sustain earnings growth.
Hence, the GS stock still appears to be a solid buy for investors seeking healthy long-term returns.
At present, GS carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is Goldman Stock Still Worth Buying After 53.5% Rally in 2025?

Key Points
Generac is capitalizing on strong demand for backup power solutions for data centers.
Quanta Services' power infrastructure solutions benefit from rising electricity demand and power grid upgrades.
RTX is a leader in aerospace and defense with a diverse and steady revenue stream.
Industrial companies build the backbone of modern energy infrastructure, energy resilience, engineering and construction, and aerospace and defense technologies. These companies are crucial to the economy and enjoy steady demand, providing them with stability and long-term growth potential. If this sounds appealing to you, here are three excellent industrial stocks to buy in March.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Generac's backup power solutions are seeing strong demand from data centers
Generac (NYSE: GNRC) manufactures backup power generation and energy technology solutions, and is best known for its dominant position in the home standby generator market. It boasts a massive global network of 9,400 independent dealers along with thousands of retail and wholesale partners. In recent years, the company has expanded into a broader energy ecosystem, including its solar energy storage system, PWRcell2, and other grid services.
The company is capitalizing on the rapid adoption of artificial intelligence and the massive capital investments being made by hyperscalers and data center operators. To meet AI's growing hunger for power, the company has introduced a line of large MW diesel generators. In addition, in February, the company signed an agreement to acquire Enercon Engineering, giving it an expert in specialized manufacturing for custom industrial enclosures, switchgear, and generator packaging to meet surging demand for data center backup power.
Its backlog for these large data center generators has grown to $400 million, with most expected to ship this year. The company projects that the total addressable market for large MW diesel backup generators could reach $15 billion annually. Looking ahead, management projects mid-teens net sales growth and expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin to expand. In its Commercial and Industrial (C&I) segment, the company foresees a 30% surge driven by revenue from data center customers.
Quanta Services' power solutions are projected for strong growth
Quanta Services (NYSE: PWR) provides infrastructure solutions for electric power, renewable energy, and underground utility sectors. It generates revenue through large-scale engineering, procurement, and construction (EPC) contracts and recurring revenue from long-term maintenance agreements across a range of industries.
The company is another beneficiary of surging electricity demand, driven by data centers, domestic manufacturing reshoring, and the overall electrification of the power grid. Because modern artificial intelligence training and inference require significant electricity, there is a need for expanded transmission and distribution infrastructure to reliably transport power. This is where Quanta comes in, providing turnkey solutions that cover everything from high-voltage transmission interconnections to low-voltage electrical systems within data center facilities.
In recent years, the company has acquired businesses such as Cupertino Electric and Dynamic Systems, expanding its capabilities to serve large load facilities and data centers. The company's backlog has grown 27% year over year to $44 billion. Management issued revenue guidance of $33.5 billion at the midpoint for this year, along with adjusted earnings per share guidance of $13, representing 21% year-over-year growth. Its strong growth has Goldman Sachs analyst Ati Modak projecting robust EPS growth of 17% to 18% annually through 2030.
RTX is a top aerospace and defense company with steady growth
RTX (NYSE: RTX) is a global aerospace and defense company that provides avionics and aerostructures, aircraft engines, and missile defense products. The company supplies critical hardware and services to commercial airlines and government defense agencies. Its revenue is well diversified across markets and customer segments, with 48% from the aerospace market and 52% from defense and government customers.
The company has a high-margin aftermarket services business that includes spare parts, overhauls, repairs, and fleet management, which supports growth and profitability. Because aircraft engines and components have lifespans that span decades, this provides the company with a steady stream of recurring revenue over a long time horizon. Roughly 50% of RTX's backlog is related to long-term aerospace maintenance contracts at Pratt & Whitney.
RTX is seeing "a heightened need for munitions and integrated air and missile defense as the U.S. and partner countries work to replenish inventories, modernize existing systems and invest in new capabilities," according to CEO Christopher Calio. As a result, its backlog has grown to $268 billion, and it is guiding for adjusted EPS of $6.70 at the midpoint, representing 6.5% growth year over year. For investors seeking stable growth, RTX is another excellent industrial stock to buy today.
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Courtney Carlsen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group, Quanta Services, and RTX. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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