Institution
Goldman Sachs Research Reports & Analysis
Finvaulta tracks 3337 research reports on Goldman Sachs, updated through September 4, 2026. Latest: “Temenos: Focus Remains on Execution Amidst Macro; Remain Neutral”.
Goldman Sachs maintains a constructive medium-term outlook across global asset classes, recommending a modest 12-month overweight on equities relative to credit while adopting a neutral tactical stance over the near term. Macroeconomic baseline forecasts point to steady growth, with earnings momentum highlighted by an upgraded 15% EPS growth trajectory for Europe's STOXX 600 and an anticipated 72% EPS growth rate across Asian equities in 2026. Across equity markets, strategists highlight regional opportunities in North Asia and select European cyclicals, favoring exposures to AI infrastructure, technology, banks, and defense. However, long-dated sovereign bond yields remain pressured by persistent fiscal deficits and AI capex financing, prompting year-end 2026 10-year yield targets of 4.40% for US Treasuries, 3.00% for German Bunds, and 3.00% for JGBs. In credit markets, elevated rates and shifting rate-spread correlations lead the firm to advocate for carry-oriented strategies, prioritizing BBB-rated investment-grade credit and high-yield bonds over leveraged loans. To navigate near-term risks from US midterm elections and geopolitical tensions, the research emphasizes barbell equity allocations, real asset exposure such as gold, and systematic option overlays.
Featured reports
Ratings and Target Price Changes
Goldman Sachs' daily research recap highlights key global equity rating changes and target adjustments as of September 3, 2026. Major updates include additions to the APAC Conviction List, an upgrade of IGO Ltd. to Buy, and selective target price cuts in Asian materials.
European Equities: Strong Micro Meets Challenging Macro
European equities have demonstrated strong micro fundamentals with 2026 EPS growth upgraded to 15%, supported by attractive FCF yields and low concentration relative to the US. However, challenging macro conditions—including rising bond yields, 2027 French election risks, and energy supply uncertainties—lead Goldman Sachs to forecast a modest 7% 12-month return (STOXX 600 at 695) and advocate a balanced sector barbell.
Rotation Moderation — Remain OW Equities for 12M but Tactically More Defensive
Goldman Sachs maintains a 12-month Overweight on equities and Underweight on credit, supported by resilient earnings growth and a benign macro backdrop, while holding a tactically neutral 3-month stance across assets. Investors are advised to manage late-cycle and rates risks through equity style diversification, allocations to Gold, and selective options hedging.
Humanoids and Auto: Building Physical AI Together
Goldman Sachs significantly raised its 2035 global humanoid robot sales forecast to 6.48 mn units ($138 bn market), highlighting the convergence of automotive manufacturing prowess and physical AI. Automotive OEMs and parts suppliers are primed to lead adoption and production, with Toyota, JTEKT, Harmonic Drive, and Renesas positioned as key beneficiaries.
Asian Equity Perspectives: Into the Home Stretch
Goldman Sachs maintains a constructive stance on Asian equities heading into the final stretch of 2026, raising its 12-month MXAPJ target to 1,120 (a 26% USD price return). The strategy favors North Asian markets (Korea, Taiwan, Japan, China A) and tech hardware/semiconductors, while recommending derivative overlays to navigate near-term US election volatility.
Global eCommerce Handbook: Assessing the Industry in an Increasingly Agentic World
Goldman Sachs forecasts global eCommerce sales to grow at a +6% CAGR from 2026 to 2031 to reach $6.4tn, with online penetration expanding modestly to 27% of addressable retail. Growth is shifting toward ecosystem monetization—principally retail media and value-added merchant services—and the early adoption of agentic AI shopping tools.
Global Credit Trader: A Real Focus Back on Rates
Goldman Sachs credit strategists examine the impact of rising 10-year yields (+35-45bp YTD) on credit markets, noting that US real yield increases have flipped rate-spread correlations positive while European moves reflect sticky energy prices. They recommend expressing credit views via cash yield for carry and income rather than relying on spread tightening, while modestly favoring HY bonds over leveraged loans.
G10 Rates Views: Shallow Relief for Long-End Woes
Goldman Sachs argues that high term premiums and steep yield curves will persist across G10 bond markets due to AI borrowing, fiscal deficits, and energy volatility. Although debt managers are shortening issuance maturity, durable yield relief will only come from cyclical macro slowdowns, supporting a year-end 10y US Treasury forecast of 4.40% while JGBs underperform with yields rising toward 3.0%.
S&P ASX Indices Rebalancing Review and Flow Implications
Asia-Pacific Weekly Kickstart
Zscaler: Success of AI Cross Sell Will Be Key into FY27
All reports
Page 1 of 140
S&P ASX Indices Rebalancing Review and Flow Implications
Goldman Sachs · Sep 5, 2026
Asia-Pacific Weekly Kickstart
Goldman Sachs · Sep 5, 2026
Zscaler: Success of AI Cross Sell Will Be Key into FY27
Goldman Sachs · Sep 4, 2026
Victoria's Secret & Co.: F2Q26 Earnings Review
Goldman Sachs · Sep 4, 2026
UK Stocks: A Micro Market
Goldman Sachs · Sep 4, 2026
Temenos: Focus Remains on Execution Amidst Macro; Remain Neutral
Goldman Sachs · Sep 4, 2026
Taiwan Technology: Semiconductors: Day 2: Key Takeaways from SEMICON Taiwan 2026
Goldman Sachs · Sep 4, 2026
Key Takeaways from SEMICON Taiwan 2026: CPO in Focus
Goldman Sachs · Sep 4, 2026
Shanghai Jinjiang Int'l Hotels: 2Q26 Results Inline - Slower RevPar Partly Offset by Higher CRS Contribution
Goldman Sachs · Sep 4, 2026
Samsonite Group: Asia Leaders Conference 2026 Takeaways
Goldman Sachs · Sep 4, 2026
Recruit Holdings: Indeed FutureWorks – Indeed's Evolution and Environmental Shift Driven by AI
Goldman Sachs · Sep 4, 2026
Market Intelligence: US Morning Update
Goldman Sachs · Sep 4, 2026
Japan Weekly Kickstart: Bimonthly Flows Update
Goldman Sachs · Sep 4, 2026
Japan Shipbuilding: Government Support for Imabari/JMU/Namura
Goldman Sachs · Sep 4, 2026
Utilities Daily: Spain Calls for EU Levy on Gas & Oil Profits for Climate Fund // Vestas Secures 50 MW Orders in Germany
Goldman Sachs · Sep 4, 2026
Special 'Back to School' TW(S)IG: This Summer in Global Research
Goldman Sachs · Sep 4, 2026
Australian Gold, Lithium and Uranium Coverage: Coverage Summary, Forecasts and Spot Pricing Scenarios
Goldman Sachs · Sep 4, 2026
Europe Media: Advertising - Expert Call Feedback: How Do Media Agencies Make Money?
Goldman Sachs · Sep 4, 2026
End of Week Market Intelligence: Laborious
Goldman Sachs · Sep 4, 2026
Assessing Key Events into Year-End: World Lung in Focus; mRNA Upside Optionality
Goldman Sachs · Sep 4, 2026
Asia Leaders Conference Takeaways: CIG: High-Speed Optical Modules Ramp Up; Vietnam and Mexico Capacity in Expansion
Goldman Sachs · Sep 4, 2026
Asia Index Strategy: FTSE Taiwan Index Series Review and Flow Implications
Goldman Sachs · Sep 4, 2026
SIA Data Shows Generally Above Seasonal in July, With Select Segments Weaker
Goldman Sachs · Sep 4, 2026
What's Powering Your Services Recap
Goldman Sachs · Sep 4, 2026
About Goldman Sachs
Visit WebsiteRecurring series
Use in AI assistants
Search this research archive inside ChatGPT, Claude, or Perplexity.