economy

January 15, 2026

We're raising our price target on Goldman Sachs after strong but noisy quarter

It wasn't the cleanest quarter, but there was plenty for investors to like.

We're raising our price target on Goldman Sachs after strong but noisy quarter

TL;DR

  • Goldman Sachs reported Q4 revenue of $13.45 billion, missing estimates, but EPS of $14.01, exceeding estimates.
  • The divestment of the Apple credit card business caused a revenue hit to the platform solutions unit.
  • Release of reserves for credit losses boosted earnings.
  • Global banking and markets, and asset and wealth management segments showed better-than-expected revenue.
  • CEO David Solomon anticipates acceleration in investment banking activity and noted a four-year high in the backlog.
  • Medium-term targets for asset and wealth management were updated, including a higher pre-tax margin and return target.
  • Global banking and markets revenue grew 22.4%, with investment banking revenue up 25%.
  • Asset and wealth management revenue declined 1% year-over-year but was up 7% sequentially.
  • Shareholder returns included a 50-cent-per-share dividend increase and $32 billion remaining under share repurchase authorization.

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