Early Morning Research Recap: Ratings and Target Price Changes

A comprehensive daily digest of Goldman Sachs' global equity and macro research, highlighting key rating changes and price target adjustments for May 13, 2026.

Key Takeaways

• 1.Goldman Sachs issued several significant rating changes, including downgrading Tronox Holdings (TROX) to Sell and Kawasaki Heavy Industries (7012.T) to Neutral, while upgrading Umicore (UMI.BR) to Buy.
• 2.Macro research is focusing on the economic risks associated with cyberattacks and the policy outlook for the UK amid higher energy prices and political risk.
• 3.Strong demand and execution at Nextpower (NXT) resulted in a 'beat and raise' quarter with increased upside to long-term targets.

Table of Contents

• Macro/Global
• Americas
• Europe
• Asia
• The macro round-up
• ECONOMICS
• STRATEGY
• Rating and Conviction List Changes
• Notable Stock Research to consider
• Target Price Changes (10% or greater)
• Conference Calls & Conferences
• Disclosure Appendix

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial