The Goldman Sachs Group, Inc. (GS) is a stock, not an exchange-traded fund — a global investment bank and financial services firm spanning Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. Reviewing the most recent price targets from roughly 14 identifiable sell-side analysts yields a range of approximately $955 to $1,245, with a calculated mean near $1,102. That mean is the basis for the rounded $1,100 central target used here; it is a calculated average of individual targets, not an official published consensus.
The spread is unusually wide and has been widening as analysts cut estimates. In early October, Bank of America Securities lowered its target to $1,050 from $1,300, UBS cut to $1,010 from $1,150, Jefferies to $1,124 from $1,299, Evercore ISI to $1,000 from $1,210, and Wells Fargo's Mike Mayo trimmed to $1,175 from $1,325. By contrast, Barclays maintained a bullish $1,245 and RBC Capital held $1,220. This divergence reflects a core debate: whether an AI-driven capital-markets boom can justify current valuation multiples or whether earnings are peaking.
Shares recently closed at $887.21, well below the 52-week high of $1,153.99 and roughly 23% off that peak. Reaching $1,100 implies an upside of about 24%, which is best described as substantial rather than trivial. The stock trades around 13 times forward normalized earnings, below the low-20s multiple implied when it sat near its highs.
The path toward $1,100 would likely require a sustained recovery in investment-banking and trading revenue, continued strength in Asset & Wealth Management, and a stabilization or rebound in valuation multiples that have compressed during the recent pullback. Management has been cautious, however: at a September conference, CEO David Solomon said the firm is not yet ready to raise its 14% to 16% through-cycle return on equity (ROE) target, even though second-quarter ROE ran at an annualized 23.5%.
Goldman reported a record second quarter, with EPS (earnings per share) of $20.98 versus roughly $14.47 expected and revenue of about $20.34 billion, up roughly 39% year over year. The firm benefits from a multiyear-high investment-banking backlog, record equities trading, and robust asset-management inflows. It is also a leading underwriter in the AI deal boom, including a role in a potential late-2026 initial public offering of OpenAI that analysts estimate could raise around $60 billion. An active buyback program — about $4 billion repurchased in the second quarter alone — supports per-share metrics, and the quarterly dividend has grown to $5 per share (roughly a 2.2% forward yield).
Several forces cut the other way. Analysts have broadly trimmed targets in recent weeks, signaling reduced conviction. Solomon flagged a "much more muted" third quarter on the investments line, slightly higher provisions, and rising non-compensation costs. The shares slipped after a September Federal Reserve rate hike, and they now trade below both the 50-day (near $1,020) and 200-day (near $982) moving averages, indicating damaged short- and medium-term momentum. Insider selling has been notable, and Oppenheimer downgraded the stock to Underperform in late June, arguing the earnings multiple may not be justified if deal activity cools.
The 52-week high around $1,154 represents the clearest overhead resistance, with the psychological $1,000 level and the 200-day moving average near $982 acting as nearer-term hurdles. On the downside, the $870 to $890 area has provided recent support, while the 52-week low sits near $705 to $740. The long-term structure remains constructive after a multi-year advance, but the stock's failure to hold above $1,000 leaves it in a corrective phase until it can reclaim that zone.
Analyst price targets generally reflect a roughly 12-month research horizon, though individual firms vary and no single timeline is guaranteed. The most immediate catalyst is the third-quarter earnings report, expected around October 13. Investors should also watch guidance on the investments line and costs, any change to the ROE target, further analyst revisions, AI-related deal announcements, and Federal Reserve interest-rate decisions, which directly influence trading and capital-markets activity.
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The $1,100 central target is the rounded mean of roughly 14 current analyst price targets and requires a roughly 24% advance from the recent $887.21 close — a substantial but not unprecedented move for a stock that traded above $1,150 earlier this year. The bull case rests on record earnings, the AI deal pipeline, and aggressive capital returns, while the bear case points to compressed multiples, broad target reductions, a muted third quarter, and management's own reluctance to raise its return target. With a $955-to-$1,245 range, analysts clearly disagree about whether recent strength is durable. The next earnings report and management's guidance will be the most important tests of whether a path toward $1,100 can re-open.
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A.I.dvisor indicates that over the last year, GS has been closely correlated with MS. These tickers have moved in lockstep 84% of the time. This A.I.-generated data suggests there is a high statistical probability that if GS jumps, then MS could also see price increases.