NEW YORK — December 22, 2025 — Goldman Sachs Group, Inc. (The) (NYSE: GS) is ending 2025 with its stock hovering near the top of its yearly range, fueled by renewed confidence in global dealmaking, steady client activity across market cycles, and a growing narrative that productivity gains from AI could lift profitability further in 2026.
By midday trading on Monday, GS shares were around $903, up roughly 1% on the session, after moving between the high-$890s and low-$900s. [1]
With the bank’s next earnings release scheduled for Thursday, January 15, 2026, investors now face a familiar late-year tension: Goldman’s momentum looks strong — but so do expectations, and many published analyst price targets still sit below where the stock trades today. [2]
Goldman Sachs stock price action: where GS stands on December 22, 2025
Goldman’s move today is modest in percentage terms, but significant in positioning:
- GS is trading within roughly ~2% of its 52-week high (around the low-$900s versus a high just above $919). [3]
- Over the past year, GS has dramatically outpaced the broader market and financial sector benchmarks, reflecting how strongly investors have re-priced the outlook for investment banking, capital markets, and wealthy-client franchises. [4]
For many market participants, Goldman’s stock has become a shorthand bet on two themes heading into 2026:
- A durable deal cycle (M&A and equity issuance), and
- Operating leverage (efficiency + technology adoption, including AI-enabled workflows).
The biggest GS headlines shaping sentiment on December 22
1) Goldman’s global investment banking edge is still widening — especially in EMEA
One of the most notable pieces of Goldman-related reporting today isn’t about a single transaction — it’s about market structure.
Reuters reported that Wall Street banks strengthened their lead in Europe, the Middle East and Africa in 2025, with U.S. banks holding about 37% share of investment banking fees in the region. In that same analysis, Goldman Sachs was cited as the leading investment bank in EMEA by overall available fee share (about 6.8%), highlighting how scale and cross-border distribution continue to favor U.S. platforms in large transactions. [5]
Why it matters for GS stock: sustained share leadership supports the argument that Goldman’s advisory and capital markets franchise can keep earning premium fees even when regional competitors rebound.
2) The “M&A supercycle” narrative is being reinforced — and 2026 is now the next test
Earlier this month, Reuters highlighted Goldman commentary pointing to continued M&A momentum into 2026, after a year characterized by an unusually large number of megadeals. The report noted that 2025 featured a record count of $10B+ transactions (through late November), based on LSEG data cited in the story. [6]
For GS stockholders, this matters because advisory can be a high operating-leverage business: when volumes rise, incremental revenue can drop strongly to the bottom line — if expenses are controlled.
3) Goldman is retooling for AI-era dealmaking — in org design and talent
Goldman’s strategic positioning in technology banking remains a key driver of investor narrative. Reuters recently reported that Goldman restructured its influential TMT investment banking group to sharpen coverage around digital infrastructure and AI-driven deal opportunities, creating new specialized leadership groupings. [7]
In a separate Reuters report, Goldman was also described as hiring Brian Cayne, a Qatalyst Partners co-founder, to help lead its software banking group, a move interpreted as a talent play in one of the most competitive fee pools on Wall Street. [8]
Taken together, these aren’t “day-trading catalysts.” But they reinforce a longer-term story investors are paying for: Goldman intends to defend — and expand — its position in the most lucrative segments of advisory.
4) Leadership and culture signals are also part of the 2026 story
Goldman CEO David Solomon has been visible in the public conversation around talent and decision-making in high-stakes environments. Business Insider reported today on Solomon’s comments emphasizing that “experience” is “hugely underrated”, and noted Goldman’s workforce mix (with a large cohort of younger employees). [9]
In a market where investors increasingly scrutinize execution risk (cost discipline, AI deployment, client retention), leadership messaging can influence how “durable” the firm’s strategy feels.
Forecasts and analyst outlook: why targets don’t fully agree on GS
The most important “forecast” question facing Goldman Sachs stock right now is simple:
Has the stock already priced in the best-case 2026 setup?
Across major tracking services, the headline consensus often clusters around “Hold” to “Moderate Buy,” but price targets vary widely — and many imply downside from today’s level.
What published consensus trackers show (as of late December 2025)
- StockAnalysis: consensus “Hold” with an average target around $756, implying mid-teens downside from current levels. [10]
- TipRanks: consensus “Moderate Buy” with an average target around $841, implying mid-single-digit downside from the level cited on that page. [11]
- Nasdaq (via KBW framing): describes an average one-year target around $807.85 (as of the date referenced), also implying downside versus the referenced price at that time. [12]
Why the spread is so wide
The dispersion isn’t just noise. It reflects real disagreement on three issues:
- How long the deal cycle lasts.
Bulls argue the 2025 rebound has legs; bears argue it’s cyclical and already reflected in estimates. - Whether cost discipline holds while Goldman invests in growth.
Investors want AI to boost efficiency — but also watch compensation and headcount trends closely. - What “normal” valuation should be for a re-accelerating Goldman.
If the firm sustains higher returns on equity structurally, a higher multiple can be justified. If not, upside becomes harder when the stock is already near highs.
Notable bullish framing from BofA
One widely circulated bullish note this month came from Bank of America’s analyst team. Investing.com reported that BofA raised its price target on Goldman Sachs to $900 from $850 while maintaining a Buy rating, citing revenue momentum and themes including an M&A cycle, wealth management, private credit growth, and productivity initiatives (including AI-related operational efficiency). [13]
Earnings forecast: the next hard catalyst is January 15, 2026
Goldman itself has set the calendar:
- Fourth quarter 2025 results:Thursday, January 15, 2026 (results around 7:30 a.m. ET, conference call around 9:30 a.m. ET) [14]
What investors will likely focus on
Even more than the headline EPS number, the market tends to react to:
- Investment banking fees (advisory + underwriting) and forward commentary on backlog
- Markets revenue (equities and FICC performance relative to volatility and client flows)
- Asset & wealth management net inflows/outflows and fee margin durability
- Expense control — especially compensation trends and tech investment spend
The last reported quarter still frames the debate
Goldman’s most recent quarterly release (Q3 2025) reported net revenues of $15.18B, net earnings of $4.10B, and EPS of $12.25, with ROE of 14.2%. In that release, Solomon emphasized the need to operate more efficiently, including with new AI technologies. [15]
That combination — improving market environment + efficiency push — is exactly what the bullish GS thesis depends on holding into 2026.
A quieter but real “today” development: new Goldman notes due 2028
While it’s not the kind of headline that typically moves the stock, Goldman’s capital markets activity remains constant in the background.
A filing summarized today describes Goldman offering $3,000,000 of callable fixed-rate notes due December 22, 2028, paying 4.05% interest, with the issuer able to redeem on specified dates after December 2026. [16]
For equity investors, this is less about the dollar amount (small in context) and more a reminder: Goldman’s funding, trading, and issuance machinery is always running, and market conditions influence how attractive that machine is to own.
Technical and trading perspective: GS remains “strong,” but the setup is crowded
A number of technical screens published today describe GS trading close to its highs and above key moving averages, which is consistent with a strong uptrend profile. [17]
But strength cuts both ways into year-end:
- In thin holiday liquidity, breakouts can extend quickly — and so can pullbacks.
- When a stock is near highs, any earnings disappointment, guidance caution, or macro shock can trigger sharper re-pricing because expectations are elevated.
What could change the GS narrative fast in 2026
Goldman Sachs stock is often treated as a “high-quality cyclical”: it benefits when markets are active — but it’s not immune to regime shifts. The key risks investors are watching include:
- A deal slowdown if financing conditions tighten or CEO confidence wobbles
- Market volatility that hurts client risk-taking (or compresses spreads in certain businesses)
- Expense creep, especially compensation, that offsets revenue gains
- Regulatory surprises (capital rules, enforcement actions, geopolitical constraints)
- Competition for talent and mandates in tech and sponsor-heavy deal verticals
Bottom line for Goldman Sachs stock on December 22, 2025
Goldman Sachs (GS) heads into the final stretch of 2025 with clear operational momentum and a strong competitive position in global investment banking — a combination reinforced by today’s reporting on Wall Street’s continued dominance in Europe and Goldman’s leadership share. [18]
At the same time, the stock’s surge toward yearly highs has created a more complex setup for 2026: many consensus targets still sit below the current share price, implying that investors may need either (a) stronger-than-expected earnings delivery, or (b) a sustained expansion in what the market considers a “normal” valuation for Goldman in a high-deal, AI-enabled environment. [19]
References
1. www.barchart.com, 2. www.goldmansachs.com, 3. www.investing.com, 4. www.barchart.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.businessinsider.com, 10. stockanalysis.com, 11. www.tipranks.com, 12. www.nasdaq.com, 13. www.investing.com, 14. www.goldmansachs.com, 15. www.goldmansachs.com, 16. www.stocktitan.net, 17. www.chartmill.com, 18. www.reuters.com, 19. stockanalysis.com
