Goldman Sachs Group, Inc. (GS.N): 2Q26 Review - Estimates Moving Higher as We Extend the Trading Momentum; Raise TP to $1,200

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Goldman Sachs Group, Inc. (GS.N): 2Q26 Review - Estimates Moving Higher as We Extend the Trading Momentum; Raise TP to $1,200

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15 Jul 2026 17:17:26 ET │ 15 pages

Goldman Sachs Group, Inc. (GS.N)

2Q26 Review - Estimates Moving Higher as We Extend the Trading

Momentum; Raise TP to $1,200

CITI'S TAKE Neutral

Price (15 Jul 26 16:00) US$1,152.07 GS outperformed on earnings day (up ~9% vs BKX up 1.05%) on a

Target price US$1,200.00↑ standout quarter led by trading, with equities up 72% y/y and FICC up

32% y/y. While not too dissimilar from trading beats reported by peers from US$1,100.00

amid a supportive environment, GS certainly stands out as best- Expected share price 4.2% positioned given their revenue mix profile is better geared for the capital return

markets theme. Visibility feels relatively better on Banking revenues driven Expected dividend yield 1.7%

by strong backlogs, AI investment cycle, and constructive mgmt Expected total return 5.9%

commentary. While trading revenue pools are modestly above historical Market Cap US$339,869M

averages and at some point likely revert back to more "normal" levels, we

believe this is more of a med-term consideration and feels hard to

discount the near-term outlook given the favorable environment and

continued wallet-share gains. Our estimates move higher almost entirely Benjamin GerlingerAC

on stronger trading revenues and we raise our TP to $1,200 on a higher +1-212-816-3538

normalized ROTCE assumption of 18.5%. benjamin.gerlinger@citi.com

Mikhail Mrotchek

Estimate Changes — Our 2026E EPS increases $11.70 to $73.45 (vs. FactSet +1-212-816-2345

consensus of $64.37), 2027E EPS increases $11.15 to $76.35 (vs. FactSet consensus misha.mrotchek@citi.com

of $69.84), and 2028E EPS increases $12.05 to $80.75.