Goldman Sachs Group, Inc. (NYSE: GS) has been on a tear into year‑end 2025. As of December 11, 2025, the stock trades around $900+ per share, near its 52‑week high and up roughly 16–17% since November 21 and close to 54% year‑to‑date, handily beating both the broader market and the U.S. banking index. [1]
Over the past three weeks, investors have digested a wave of news: upbeat commentary on a boom in M&A, a $2 billion ETF acquisition, a high‑profile AI restructuring that includes job cuts, fresh alternative‑investment deals, and a raft of analyst forecasts that—importantly—now sit below the current share price. [2]
This article walks through the latest news, forecasts and analyses for Goldman Sachs stock from November 21, 2025 onward, and what they may mean if you’re wondering whether GS is still a buy at these levels.
Goldman Sachs (GS) stock today: price, performance and valuation
- Share price (Dec 11, 2025): about $903 per share (intraday), up around 1.5% on the day. [3]
- 52‑week range: roughly $439–$897. [4]
- Trend: GS has traded above its 50‑day and 200‑day moving averages since early May, confirming a strong uptrend. [5]
- Recent performance:
- Valuation snapshot (various sources):
- Trailing P/E around 18x and forward P/E in the high‑teens, depending on the earnings estimate set used. [8]
- PEG ratio (P/E relative to growth) near 1.0–1.1, broadly in line with other global investment banks. [9]
- Beta ~1.3–1.4, underscoring that GS tends to move more than the market in both directions. [10]
Put simply, GS is trading like a momentum stock right now: very strong price action, solid growth—and a valuation that is no longer cheap.
How far has GS run since November 21, 2025?
On November 21, 2025, Goldman Sachs closed at about $774 per share. [11]
With the stock now around $903, that’s a gain of roughly 16.5–17% in just three weeks, on top of already strong year‑to‑date returns. [12]
That move has been fueled by a cluster of positive headlines:
- Articles highlighting GS’s outperformance versus the financial sector and strong trend indicators. [13]
- New deals in asset and wealth management and alternative assets. [14]
- Management’s bullish commentary on M&A and equity underwriting into 2026. [15]
- Continued digestion of a big Q3 earnings beat and rising earnings forecasts. [16]
At the same time, some of Goldman’s own research and several external strategists are warning that U.S. equities—and AI winners in particular—may already fully reflect a lot of good news. [17]
Key Goldman Sachs news and strategic moves since November 21, 2025
1. Outperformance vs. the sector and Zacks outlook
A November 27 Barchart analysis asked whether Goldman Sachs stock is outperforming the financial sector—and answered “yes.” The piece highlighted: [18]
- GS is a mega‑cap with a market cap around $240–270 billion, depending on the price snapshot. [19]
- Over the past three months, GS gained roughly 9%, while the Financial Select SPDR (XLF) slipped about 1.3%.
- Year‑to‑date through late November, GS had risen ~42.5%, vs. ~9.6% for XLF.
Barchart attributes this strength to:
- A rebound in M&A and advisory fees.
- Record inflows into asset and wealth management.
- Growth in prime brokerage and structured lending.
- Efficiency gains and scalability from the firm’s “One Goldman Sachs 3.0” initiative, which leans heavily on AI. [20]
Separately, Zacks Equity Research noted on November 28 and again on December 5 that GS has outperformed both the finance sector and the S&P 500 over the last month, with analysts nudging earnings estimates higher. Its current Zacks Rank is #3 (Hold), with: [21]
- Next‑quarter EPS estimate: about $11.52, ~3.6% below the prior‑year quarter.
- Next‑quarter revenue estimate: roughly $14.4 billion, ~4% above last year.
- Full‑year 2025 estimates: EPS in the high‑40s to around 50 and revenue near $59–61 billion, implying double‑digit growth versus 2024. [22]
Zacks also points out GS trades at a forward P/E and PEG ratio roughly in line with its investment‑banking peers, suggesting it’s not wildly overvalued relative to its sector—even if the absolute multiple is now higher than earlier in the year. [23]
2. RBI Japan deal and bond issuance bounce
A late‑November article from Simply Wall St (syndicated via multiple feeds) noted that Goldman Sachs stock jumped about 6.7% after the firm: [24]
- Secured exclusive negotiation rights related to Restaurant Brands International’s Japan operations (RBI Japan).
- Helped arrange $120 million of bond issuances tied to the deal.
While the absolute dollar amounts aren’t huge for a bank of Goldman’s size, the episode reminded investors that GS is deeply embedded in cross‑border corporate transactions and structured financing, areas that tend to be highly profitable in strong deal markets.
3. M&A super‑cycle: CFO sees momentum into 2026
At Goldman’s own financial services conference in early December, CFO Denis Coleman delivered one of the clearest catalysts for the stock’s recent run. He told investors that: [25]
- 2025 is on track to be the second‑biggest year in history for announced M&A, based on deal value.
- Industry‑wide, deals led by financial sponsors (private equity, etc.) are up roughly 40%.
- Goldman has benefited from working on multiple $10 billion+ “megadeals”, including a record ~$110 million advisory fee for Electronic Arts’ $55 billion take‑private by a consortium backed by Saudi Arabia’s PIF and Silver Lake.
- The equity underwriting calendar looks “very positive” for 2026, aided by a rebound in IPOs and follow‑on offerings.
Coleman said the outlook and visibility on M&A heading into 2026 is “very encouraging”, and that the environment is conducive to deploying “sizable capital into acquisition financing,” a line of business where Goldman has a competitive edge. [26]
This commentary matters because M&A advisory and equity underwriting are high‑margin engines for GS’s earnings—and they were key drivers behind the bank’s better‑than‑expected Q3 results. [27]
4. Asset & wealth management push: $2B Innovator acquisition and more
Goldman has also been busy reshaping its asset and wealth management franchise into a more stable, fee‑based business.
On December 1, the firm announced a deal to acquire Innovator Capital Management, a leading provider of “defined‑outcome” exchange‑traded funds, for about $2 billion, with closing expected in the second quarter of 2026. [28]
Key points from coverage of the transaction: [29]
- Innovator manages over $28 billion across ~159 ETFs.
- Defined‑outcome ETFs use options overlays to cap downside and target specific levels of upside, a fast‑growing niche attracting risk‑averse and retirement‑focused investors.
- The deal follows Goldman’s agreement to buy Industry Ventures, a venture firm managing about $7 billion in assets, and a separate strategic stake in T. Rowe Price.
Together, these moves underscore a strategy: shift more of Goldman’s earnings mix toward recurring management fees from public and private markets, rather than relying solely on volatile trading and classic investment banking.
5. Alternative investments and AI exposure: Harness funding
On December 11, software‑delivery platform Harness announced a $240 million financing round led by Goldman Sachs Alternatives, valuing the company at $5.5 billion. [30]
The release highlighted that Goldman Sachs Asset Management’s alternatives platform—part of a business overseeing around $3.5 trillion in assets under supervision—is using this kind of deal to gain exposure to AI‑driven enterprise software and other high‑growth niches. [31]
This complements Goldman’s broader narrative:
- Use AI and automation internally to improve productivity (via the OneGS 3.0 initiative). [32]
- Invest client and shareholder capital in AI‑adjacent opportunities externally, whether via private deals like Harness or structured products and ETFs.
6. AI reboot, job cuts and cost discipline: “OneGS 3.0”
A December 9 Reuters piece on U.S. banks and AI noted that, back in October, Goldman Sachs informed employees of potential job cuts and a hiring slowdown through year‑end as part of its “OneGS 3.0” AI initiative. [33]
According to that report and other coverage: [34]
- AI and automation are being deployed across sales, client onboarding, lending processes, regulatory reporting, and vendor management.
- The aim is to boost productivity and automate routine tasks, but management has signaled that this will likely involve additional job cuts on top of prior rounds in 2023–2024.
- Goldman is far from alone—peers like JPMorgan, Wells Fargo and Bank of America are making similar moves—but it is positioning itself as an early, large‑scale adopter within investment banking.
For investors, this is a double‑edged sword:
- Successful execution could lower Goldman’s expense ratio and support higher ROE.
- Missteps could create cultural friction, reputational risk, or require heavy tech spending that offsets cost savings.
7. Institutional flows: big money still likes GS
Multiple recent 13F‑based articles show intense institutional interest in Goldman Sachs stock, even as some managers take profits. [35]
Highlights:
- Glenview Trust Co. increased its stake by 2.6%, adding 2,517 shares to reach 97,763 shares (~$69 million), making GS its 21st‑largest holding. [36]
- Norges Bank, Norway’s sovereign wealth fund, opened a new position worth roughly $2.1 billion in GS during the latest quarter. [37]
- Large long‑only managers such as Fisher Asset Management, Bank of New York Mellon, Northern Trust and others also increased their stakes. [38]
- One mid‑sized RIA, RPG Investment Advisory, cut its GS stake by about 49%, but GS still represented about 1.5% of its portfolio even after the sale. [39]
Across these filings, institutional investors control roughly 71% of Goldman’s outstanding shares, signaling that the stock remains firmly in large‑cap core and financial‑sector portfolios. [40]
Earnings, dividends and capital returns
Q3 2025 results: big beat, strong ROE
Goldman’s Q3 2025 earnings (reported October 14) continue to underpin the bullish narrative. According to the firm’s own press materials and multiple summaries: [41]
- Net revenues: about $15.2 billion, vs. Street estimates around $13.7–14.1 billion.
- EPS:$12.25, beating consensus by roughly $1–$2 per share depending on the source.
- Return on common equity (ROE): around 14–15% for the quarter.
- Revenue growth: roughly 19–20% year‑on‑year, driven largely by advisory and asset management.
- Net margin: around 13–15%.
This is a sharp improvement versus the more mixed results Goldman delivered in 2022–2023, when trading was strong but consumer‑banking experiments weighed on profitability.
Dividend and shareholder returns
Goldman has also been stepping up capital returns:
- Quarterly dividend of $4.00 per share, or $16.00 annualized, implying a current yield around 1.7–1.9% at today’s price. [42]
- A dividend payout ratio near one‑third of earnings, leaving ample room for buybacks and reinvestment. [43]
- Management commentary and filings suggest billions of dollars in buybacks and dividends were returned to shareholders over the last year. [44]
Forward earnings forecasts
Analyst consensus now points to continued earnings growth:
- 2025 EPS: around $48.9–50.0, up roughly 20–23% vs. 2024. [45]
- 2026 EPS: around $56–57, implying another 13–14% EPS growth. [46]
- 2025 revenue: estimates cluster around $59–61 billion, with mid‑teens growth from 2024. [47]
- Next earnings release is expected around January 14, 2026. [48]
On these numbers, Goldman is priced for solid—but not spectacular—earnings growth. The current share price implies a high‑teens forward P/E, more in line with high‑quality growth franchises than a typical value bank. [49]
Analyst ratings and price targets: what Wall Street is saying now
Here’s where things get interesting: the stock price has run well ahead of most published targets.
Consensus view: mostly “Hold,” with targets below current price
- MarketBeat:
- Consensus rating: Hold, based on 21 analysts (4 Buy, 16 Hold, 1 Sell).
- Average 12‑month price target:$786, with a range of $600–$890.
- Implied downside vs. price around $904: roughly ‑13%. [50]
- StockAnalysis.com:
- Average rating: “Hold”, based on 14 analysts.
- Financial forecasts call for EPS growth of ~23% in 2025 and ~14% in 2026, with revenue also growing mid‑teens then mid‑single digits.
- Forward P/E (based on earlier prices) around 18x. [51]
- StocksGuide:
- Uses 31–32 analyst EPS forecasts; average 2025 EPS of $50.04 and 2026 EPS of $56.87, very similar to StockAnalysis.
- Current P/E estimated near 17.7x, falling toward the mid‑teens by 2026 as earnings grow.
- One summary on the site puts the average 2026 price target around $832.83, with a high near $942.90 and a low around $614, implying mid‑single‑digit downside from today’s price on average. [52]
- Zacks / Finviz:
- Price‑target overview (via a now rate‑limited page) indicated an average target around $814–815, with a low near $608.
- Zacks currently rates the stock #3 (Hold) despite including it in some long‑term focus or “top stock” lists. [53]
- Public.com (brokerage app):
- Aggregated target price: $754.14.
- Rating breakdown: about 29% Buy, 64% Hold, 7% Sell, which the app rolls up to an overall “Hold”. [54]
- Barchart article:
- Describes GS as having a “Moderate Buy” consensus from 25 analysts, with a mean price target of $805.48 and a Street‑high target of $960, implying ~18% upside from the earlier reference price but only mid‑single‑digit upside from today’s level. [55]
- Markets Insider:
- Uses a broader dataset of 69 analysts and reports a median target of about $569, with estimates spanning $360 to $870 and a consensus rating skewed toward “buy.” [56]
- This dataset clearly lags reality (targets weren’t updated for the recent price surge), but it underscores that older valuations for GS were much lower than where the stock trades now.
Bottom line:
Across most modern datasets, consensus targets cluster between about $750 and $830, well below the current share price around $903. Based on those numbers, GS trades 8–17% above what many analysts consider fair value over the next 12 months, with only the most bullish targets (near $950–$960) suggesting meaningful upside from current levels. [57]
Macro backdrop and Goldman’s own market views
Goldman’s stock doesn’t trade in a vacuum—it’s deeply tied to interest rates, equity valuations and the health of capital markets.
Fed and rate‑cut expectations
On December 11, following a 25‑basis‑point rate cut, Reuters reported that most major brokerages—including Goldman Sachs—still expect the Federal Reserve to deliver about 50 bps of additional cuts in 2026, even though the Fed’s own projections show only one more cut. Goldman’s economists specifically see March and June 2026 as likely cut dates, and viewed the latest policy statement as relatively hawkish. [58]
A moderately lower‑rate environment with decent growth is usually positive for Goldman’s M&A, equity underwriting and wealth‑management businesses.
Valuations, AI and the risk of sub‑par returns
At the same time, Goldman’s own strategists have been sounding a more cautious tone on equities:
- A widely cited research note suggested that the AI boom is already largely priced into markets, particularly for the biggest U.S. winners, implying limited additional upside unless earnings surprise significantly. [59]
- Commentary that surfaced on November 21 framed the outlook as sub‑par stock‑market returns from here, given valuations starting from a rich base. [60]
Goldman Sachs Asset Management’s “Investment Outlook 2026: Seeking Catalysts Amid Complexity” similarly describes a world where returns are likely to be driven by selective catalysts rather than a simple beta rally, emphasizing the need for careful positioning across asset classes. [61]
For GS shareholders, this creates an interesting paradox:
- The bank is benefiting massively from the strong markets and M&A boom those same strategists are now calling “mature.” [62]
- If a broad equity pullback or de‑rating occurs, Goldman’s own stock could be vulnerable, especially now that it trades at record highs and above most price targets.
Is Goldman Sachs (GS) stock a buy, hold, or sell after the recent rally?
Bull case: why investors still like GS here
- Earnings momentum and ROE improvement
- M&A and capital‑markets super‑cycle
- 2025 is shaping up as one of the biggest M&A years in history, and Goldman is a top adviser on many of the largest deals. [65]
- The pipeline for 2026 in both dealmaking and equity offerings looks strong, which could support continued high‑margin fee income.
- Shift toward stable, fee‑based revenues
- Deals for Innovator Capital Management and Industry Ventures, plus a growing alternatives franchise, tilt the business mix toward recurring asset‑ and wealth‑management fees. [66]
- This helps reduce reliance on more volatile trading revenues over time.
- AI‑led efficiency and competitive positioning
- The OneGS 3.0 program could streamline everything from onboarding to regulatory reporting, potentially lowering costs and boosting scalability if executed well. [67]
- Few banks have Goldman’s combination of brand, global reach and advisory franchise, and management is willing to spend aggressively to retain elite talent in a hot dealmaking market. [68]
- Healthy capital returns
- A ~1.8% dividend yield with a payout ratio around one‑third, plus buybacks, give investors a tangible cash‑return component on top of capital gains. [69]
Bear case: why some see GS as fully priced—or rich
- Price above most targets
- With the stock near $903, many consensus price targets in the $750–$830 zone now imply 8–17% downside, not upside. [70]
- Only the most optimistic estimates (around $950–$960) suggest more than mid‑single‑digit upside from here.
- Rich multiples for a cyclical franchise
- Even with strong growth, a forward P/E in the high‑teens is elevated compared with historical averages for global investment banks. [71]
- If earnings disappoint or the deal cycle cools, there is room for multiple compression.
- Goldman’s own warnings on valuations
- The firm’s strategists have warned that U.S. equity returns are likely to be sub‑par from here and that the AI trade is largely priced in—a note of caution that can just as easily apply to Goldman’s own shares. [72]
- Macro and regulatory risk
- A reversal in risk appetite, change in rate‑cut expectations, or a more aggressive regulatory push on big banks could all pressure earnings and valuations. [73]
- Large universal banks are perpetual targets for capital requirement changes and political scrutiny.
- Execution risk around AI and talent
So… what’s the practical takeaway for investors?
Putting everything together:
- Fundamentals are strong and getting stronger.
Earnings and revenue are growing double‑digit, ROE is back in the mid‑teens, and Goldman is successfully pivoting toward higher‑quality, fee‑based income streams while riding a powerful M&A and capital‑markets wave. [76] - The stock has already priced in a lot of that good news.
After a ~17% surge since November 21 and ~54% gain year‑to‑date, GS now trades above most 12‑month analyst targets and at a valuation multiple closer to growth stocks than traditional value banks. [77] - Wall Street’s message is subtle but clear:
Across major data providers, the stock screens as “Hold” more often than “Strong Buy”, with consensus price targets indicating limited upside and some downside risk from current levels—unless earnings surprise on the upside again or analysts raise their targets materially. [78]
For long‑term investors comfortable with volatility, Goldman Sachs still looks like a high‑quality franchise with solid structural tailwinds—continued M&A strength, a growing asset‑management platform, and meaningful AI‑driven efficiency potential. But for valuation‑conscious or shorter‑term traders, GS at ~$900‑plus feels more like a “hold and monitor” than an obvious fresh bargain.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. markets.financialcontent.com, 6. markets.financialcontent.com, 7. www.reuters.com, 8. www.marketbeat.com, 9. finviz.com, 10. www.marketbeat.com, 11. finance.yahoo.com, 12. www.reuters.com, 13. markets.financialcontent.com, 14. finviz.com, 15. www.reuters.com, 16. www.marketbeat.com, 17. www.fool.com, 18. markets.financialcontent.com, 19. markets.financialcontent.com, 20. markets.financialcontent.com, 21. finviz.com, 22. finviz.com, 23. finviz.com, 24. www.insidearbitrage.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.marketbeat.com, 28. finviz.com, 29. finviz.com, 30. finviz.com, 31. finviz.com, 32. www.reuters.com, 33. www.reuters.com, 34. www.reuters.com, 35. www.marketbeat.com, 36. www.marketbeat.com, 37. www.marketbeat.com, 38. www.marketbeat.com, 39. www.marketbeat.com, 40. www.marketbeat.com, 41. www.goldmansachs.com, 42. www.marketbeat.com, 43. www.marketbeat.com, 44. www.linkedin.com, 45. finviz.com, 46. stockanalysis.com, 47. finviz.com, 48. public.com, 49. finviz.com, 50. www.marketbeat.com, 51. stockanalysis.com, 52. stocksguide.com, 53. www.zacks.com, 54. public.com, 55. markets.financialcontent.com, 56. markets.businessinsider.com, 57. www.marketbeat.com, 58. www.reuters.com, 59. 247wallst.com, 60. www.fool.com, 61. am.gs.com, 62. www.reuters.com, 63. www.marketbeat.com, 64. stockanalysis.com, 65. www.reuters.com, 66. finviz.com, 67. www.reuters.com, 68. www.businessinsider.com, 69. www.marketbeat.com, 70. www.marketbeat.com, 71. finviz.com, 72. www.fool.com, 73. www.reuters.com, 74. www.reuters.com, 75. www.businessinsider.com, 76. www.marketbeat.com, 77. finance.yahoo.com, 78. www.marketbeat.com
