Early Morning Research Recap: Ratings and Target Price Changes

Latest edition · May 24, 2026

GS Early Morning Research Recap Ratings and Target Price Changes - May 22, 2026 as of 5 30 AM ET

A comprehensive daily recap from Goldman Sachs highlighting global equity rating changes, macro-economic research, and key takeaways from corporate earnings across multiple sectors.

The GS Early Morning Research Recap for May 22, 2026, covers critical rating shifts such as Usiminas's upgrade to Buy and Lanxess's downgrade to Sell. In macro research, analysts revisit the Federal Reserve's balance sheet and global credit trends. Sector-specific analysis spans from Americas retail (Walmart, Ross Stores) and healthcare (Eli Lilly's trial data) to Asian technology (Samsung, NetEase) and European financials (ABN Amro). The report also provides a roadmap for upcoming investor webinars and conferences focused on AI, demographics, and shipping.

Key takeaways from the latest edition

• 1.The report highlights major rating changes, including an upgrade for Usiminas to Buy and a downgrade for Lanxess AG and WHA Corp to Sell.
• 2.Macro focus remains on the Federal Reserve's balance sheet outlook and the persistent influence of interest rates on global credit markets.
• 3.Consumer staples and retail sectors show mixed results, with Walmart maintaining strong top-line growth and share gains while China beverages face enduring cost inflation.

What this series covers

• The Calls Around the World to Focus on Today
• 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
• Disclosure Appendix

Edition archive

• GS Early Morning Research Recap Ratings and Target Price Changes - May 22, 2026 as of 5 30 AM ET

  May 24, 2026

• GS Early Morning Research Recap Ratings and Target Price Changes - May 22

  May 22, 2026

• GS Early Morning Research Recap Ratings and Target Price Changes - May 14

  May 14, 2026

• GS Early Morning Research Recap Ratings and Target Price Changes - May 13

  May 13, 2026