Report published September 23, 2026
Goldman Sachs Early Morning Research Recap: Ratings and Target Price Changes (September 23, 2026)
Goldman Sachs · September 23, 2026
The September 23, 2026 Goldman Sachs Early Morning Research Recap highlights rating changes in Asian banks, upgrading South Korea's IBK and BNK to Buy while downgrading Indonesia's Bank Mandiri to Sell and BBNI/BBRI to Neutral. It also highlights a 21% target price boost for Valero Energy, insights on behind-the-meter data center power, and an outlook for global smartphone shipments.
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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.Upgraded South Korean banks Industrial Bank of Korea (024110.KS) and BNK Financial Group (138930.KS) to Buy from Sell amid favorable macro conditions.
- 2.Downgraded Indonesian banking majors: Bank Mandiri cut to Sell from Neutral, while Bank Negara Indonesia and Bank Rakyat Indonesia cut to Neutral from Buy.
- 3.Substantially raised Valero Energy Corp. (VLO) target price to $457 from $365 (+21% upside) following management meeting highlighting capital discipline and shareholder returns.
Table of Contents
- The Macro Round-Up
- Rating and Conviction List Changes
- Links to Rating and Conviction List Changes
- Notable Stock Research to Consider:
- Target Price Changes (10% or greater):
- Webinars, Podcasts & Conferences
Report data
Rating and Conviction List Changes — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Valero Energy Corp. 12m Target Price | 457.00 USD | Raised from $365.00, representing 21% upside against last price of $377.14 |
| Industrial Bank of Korea 12m Target Price | 25000.00 KRW | Raised from W17,000, representing 25% upside against last price of W20,000 |
| BNK Financial Group 12m Target Price | 20000.00 KRW | Raised from W14,000, representing 28% upside against last price of W15,630 |
| Bank Mandiri 12m Target Price | 3550.00 IDR | Lowered from Rp4,460, representing -15% downside against last price of Rp4,160 |
| Global Smartphone Shipments Growth (2026E) | -10% | YoY shipment expectation followed by +2% in 2027E and +2% in 2028E |
Reports in this series
GS Early Morning Research Recap is shown in chronological order through this edition, published on September 23, 2026.
Part of the GS Early Morning Research Recap series — view all 30 editions
Looking for the latest edition? GS Early Morning Research Recap Ratings and Target Price Changes October 9, 2026 as of 5 30 AM ET (Oct 9, 2026)
- Sep 16GS Early Morning Research Recap Ratings and Target Price Changes September 16, 2026 as of 5 30 AM ET
- Sep 17GS Early Morning Research Recap Ratings and Target Price Changes September 17, 2026 as of 5 30 AM ET
- Sep 18GS Early Morning Research Recap Ratings and Target Price Changes September 18, 2026 as of 5 30 AM ET
- Sep 21GS Early Morning Research Recap Ratings and Target Price Changes September 21, 2026 as of 5 30 AM ET
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