Report published September 30, 2026
Americas Multi-Industry: More Benign Setup into C3Q26, Though Price/Cost a Key Watch Item
Goldman Sachs · September 30, 2026
Goldman Sachs previews C3Q26 earnings for Americas Multi-Industry coverage, noting that recent sector underperformance (-7% QTD) against +17% median order growth creates an attractive setup for an October relief rally. The analysts highlight GEV, HON, ITT, JCI, NVT, and PH as best positioned into the print while cautioning on price/cost lag among OEM-exposed names.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Recent multi-industry stock underperformance (-7% QTD vs. S&P +3%) has created a benign setup heading into C3Q26 earnings releases, setting the stage for a potential October relief rally.
- 2.Top stock picks into the quarter are GEV, HON, ITT, JCI, NVT, and PH, driven by robust order momentum and upside potential relative to consensus expectations.
- 3.Short-cycle industrial demand is early in an acceleration phase rather than ending, as the ISM manufacturing index has posted expansion (>50) for 8 consecutive months following 36 months of contraction.
Table of Contents
- Orders pointing to growth upside for select Multis
- Revising select estimates
- Estimate revisions
Report data
Exhibit 14: We see the most EPS upside to NVT, JCI and PH for this year (GS vs. FactSet consensus EPS estimates for our coverage for C3Q26, C4Q26, FY1, FY2) — as of September 29, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Median multi-industry order growth | 17.0% | Median order growth acceleration across Goldman Sachs Multis coverage universe |
| Average Multis price performance QTD | -7.0% | Underperformance relative to the S&P 500 (+3% / +2.3%) |
| XLI underperformance vs S&P in Aug/Sept | 140.0 bps | Historical average underperformance of the industrial sector ETF vs S&P 500 in August/September |
| ISM Manufacturing PMI | 54.6 index | ISM remaining above 50 for 8 consecutive months |
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