Is Goldman Sachs Stock Still a Buy After Earnings?
Goldman Sachs stock is struggling for direction Tuesday even after the financial giant beat expectations for its third quarter. Here's what you need to know.


Goldman Sachs (GS) stock jumped more than 3% at Tuesday's open after the investment banking giant disclosed its third-quarter results, but was last seen in negative territory.
In the quarter ended September 30, Goldman's net revenue increased 7.5% year-over-year to $12.7 billion, led by a 16.2% surge in revenue in its Asset & Wealth Management segment to $3.8 billion. The company also said earnings per share (EPS) were up 53.6% from the year-ago period to $8.40.
"Our performance demonstrates the strength of our world-class franchise in an improving operating environment," said Goldman Sachs CEO David Solomon in a statement. "We continue to lean into our strengths – exceptional talent, execution capabilities and risk management expertise – allowing us to effectively serve our clients against a complex backdrop and deliver for shareholders."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The results crushed analysts expectations. Wall Street was anticipating revenue of $11.8 billion and earnings of $6.89 per share, according to Yahoo Finance.
Goldman also proudly noted that its Assets Under Supervision (AUS) reached a record $3.1 trillion, an increase of 15.8% over the year-ago period.
Is Goldman Sachs stock a buy, sell or hold?
Goldman Sachs has been one of the best Dow Jones stocks on the price charts this year, up 38.1% on a total return basis (price change plus dividends) through the October 14 close. Unsurprisingly, Wall Street is very bullish on the financial stock. According to S&P Global Market Intelligence, the consensus recommendation among analysts it tracks is a Buy.
However, analysts' price targets have struggled to keep up with the stock's outperformance in 2024. Currently, the average price target on GS is $526.63, which is a discount to where the blue chip stock is trading at the time of this writing. Price-target hikes could come down the pike if shares keep climbing.
"Goldman Sachs is poised for a 2024 recovery in investment banking from the market trough in 2023, which would benefit GS as the global leader," wrote CFRA Research analyst Kenneth Leon in an October 4 note. "A revamped strategy to focus on core businesses and drive more durable, recurring fee revenue is underway in Asset & Wealth Management."
Leon went on to note that his firm sees Goldman Sachs benefitting from an upturn in transaction fee activities and private equity funds exiting investments through initial public offerings.
Related content
- Earnings Calendar and Analysis for This Week
- UnitedHealth Stock Leads Dow Lower After Earnings: What to Know
- Analysts' Top S&P 500 Stocks to Buy Now
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
Investing Abroad Could Pay Off — Here's How
Countries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Retire in Belize for Stunning Natural Beauty and Culture
Belize offers miles of protected land and ocean, a rich mix of cultures and a chill lifestyle. Best yet — the income requirement is just $2K per month.
-
Why Investing Abroad Could Pay Off
Countries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Are These the Next Stocks to Split?
Interactive Brokers' recently split its stock to makes its shares more accessible to investors. Could these high-priced stocks be next?
-
Your Home + Your IRA = Your Long-Term Care Solution
If you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.
-
I'm a Financial Planner: Retirees Should Never Do These Four Things in a Recession
Recessions are scary business, especially for retirees. They can scare even the most prepared folks into making bad moves — like these.
-
A Retirement Planner's Advice for Taking the Guesswork Out of Income Planning
Once you've saved for retirement, you'll need your nest egg to support you for as many as 30 years. For that, you need a clear income strategy, not guesswork.
-
Stock Market Today: Stocks Swing as Trump Scraps Canada Trade Talks
Despite a mid-afternoon slip, the S&P 500 and Nasdaq ended the day at new record highs.
-
Why Smart Retirees Are Ditching Traditional Financial Plans
Financial plans based purely on growth, like the 60/40 portfolio, are built for a different era. Today’s retirees need plans based on real-life risks and goals and that feature these four elements.
-
To My Small Business: Well, I've Been Afraid of Changin', 'Cause I've Built My Life Around You
While thinking about succession planning might feel like anticipating a landslide (here's to you, Fleetwood Mac), there are strategies you can implement to manage the uncertainty and the transition.