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☆ Goldman Sachs CEO David Solomon breaks down how the AI obsession is creating a gold rush for the bank
▼ + stars: | 2024-04-15 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

Artificial intelligence is on everyone's lips, and that's expected to translate into big bucks for Goldman Sachs, according to CEO David Solomon. He said the bank has been "advising clients on these topics and how to think about potential use cases in their operations." AI's impact on jobsSolomon also explained how, internally, AI could impact its own workforce. "We see enormous opportunities for productivity gains and also opportunities for efficiency," Solomon said, describing how the AI revolution could impact Goldman's human capital. Some firms like Deutsche Bank have been piloting test cases to evaluate the impact AI could have on junior bankers' workflows.

Persons: Goldman Sachs, David Solomon, Solomon, PwC, — Goldman, Goldman, JPMorgan Chase, Reed Alexander Organizations: Business, P Global, Intelligence, Deutsche Bank, Goldman, New York Times, JPMorgan, Global Locations: ralexander@businessinsider.com

☆ Goldman loves these stocks and thinks the rest of Wall Street is underestimating their earnings
▼ + stars: | 2024-03-01 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Goldman Sachs has its eyes on equities that have stronger earnings potential this year than the rest of Wall Street believes. Goldman highlighted to clients stocks where Wall Street analysts are raising their estimates, but not by enough. Goldman believes the rest of Wall Street will need to revise their earnings estimates upward by even more, driving gains for the shares. General Motors beat Wall Street fourth-quarter estimates and forecast stronger-than-expected 2024 earnings in the range of $8.50 to $9.50 per share. Goldman Sachs now predicts the company will earn $9.10 per share, which is roughly 2% higher than Wall Street estimates, it said in a research note.

Persons: Goldman Sachs, Goldman, Stocks, Goldman isn't, Doug Anmuth, FactSet, Joseph Spak Organizations: Wall, Nvidia, Dow Jones, Analysts, JPMorgan, General Motors, GM, UBS, United Auto Workers Locations: Detroit, Pinterest

☆ Goldman Sachs expects below-average returns for the next 2 years. It shares 3 strategies to beat the market and 23 stock picks across them.
▼ + stars: | 2023-11-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

These are some of the forecasts for 2024 from Goldman Sachs chief US equity strategist David Kostin and his team. But that doesn't mean it's time to expect a full-on bull market or rapid economic growth anytime soon. So, to leave room for alternative outcomes, Kostin envisioned an even more optimistic scenario that would see rate cuts and stronger economic growth. The second strategy is to not shy away from growth stocks, but rather, be discerning. Yet, their forecasted sales growth is below their 2023 numbers.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman isn't, Sherwin, Williams, Stocks, Eli Lilly, Russell, John Organizations: Federal, Treasury, Bloomberg, Business, O'Reilly Automotive, Dwight, Marathon Petroleum, Intercontinental Exchange, Truist Financial, Rollins Inc, Power Systems, Water, Enphase Energy, Co, NVIDIA, EQT Corp, Toro Company, John Bean Technologies Corporation, Delta Air Lines, DAL, Alaska Air Group Locations: Goldman's, ORLY, Albemarle, ALB

☆ An under-the-radar AI beneficiary could rally more than 20% from here
▼ + stars: | 2023-08-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Growing demand for connectivity solutions as artificial intelligence adoption accelerates should benefit this lesser-known semiconductor name, according to Goldman Sachs. Analyst Toshiya Hari lifted his price target on Credo Technology to $18 from $16 a share, equal to 21% upside from Thursday's close. The higher price target at Goldman comes after AI chipmaker Nvidia 's second consecutive show-stopping quarterly report . Along with reiterating Goldman's buy rating, Hari lifted revenue and adjusted EBITDA estimates by 5% and 4% over the next two years, respectively. Bolton lifted his price target to $20 from $17 in a Friday note, equivalent to more than 34% upside from Thursday's close.

Persons: Goldman Sachs, Toshiya Hari, Goldman, Hari, Credo's, …, bode, Needham, Quinn Bolton, Bolton, — CNBC's Michael Bloom Organizations: Technology, AEC, Nvidia, Microsoft Locations: China

☆ Goldman Sachs No. 2 explains the bank's layoffs as it embarks on its third round of job cuts in less than a year
▼ + stars: | 2023-06-08 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Goldman COO John Waldron said economic uncertainty has been a major challenge for the bank. 2 said he could not guarantee the bank won't make more job cuts this year, citing continued economic uncertainty. When asked about the potential for future job cuts, Waldron cited those "crosscurrents" as a reason the bank's cost-cutting may not be over. In September, Goldman cut a few hundred staffers, including members of the investment bank's technology, media, and telecommunications team, Insider reported. "I think we have done a better job in the last four or five years really trying to build a deeper succession pipeline," Waldron said.

Persons: Goldman, John Waldron, Goldman Sach's, Goldman Sachs, Waldron, it's, Goldman isn't, Morgan Stanley Organizations: Bloomberg Invest, Street, JPMorgan, First Republic Bank Locations: Manhattan

☆ Goldman Sachs lowers the chance the U.S. could slide into a recession
▼ + stars: | 2023-06-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Convinced the threat from a banking crisis has largely passed, Goldman Sachs has raised the chances the U.S. economy can avoid a recession. With the debt issue resolved and banking stresses abated, Goldman now sees the path to a continued expansion, albeit a slow one, more clearly. First, the tail risk of a disruptive debt ceiling fight has disappeared," Jan Hatzius, chief economist at Goldman, said in a client note. "Meanwhile, the economy is getting a sizable boost from the recovery in real disposable income and the stabilization in the housing market," Hatzius said. Most economists expect the U.S. will experience at least a mild recession later this year or early in 2024.

Persons: Goldman Sachs, Goldman, Jan Hatzius, Hatzius, nonfarm, Goldman isn't, Morgan Stanley Organizations: Goldman, Bank, Federal Reserve, Fed, Institute for Supply Management Locations: Silicon, U.S

☆ Traders wait to see if Netflix can keep its streak of subscriber surprises going
▼ + stars: | 2023-04-18 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Netflix reports earnings after the bell Tuesday and traders know that pretty much all that matters to the stock is how many subscribers did the streamer add for the prior period. Netflix's recent streak of subscriber surprises come after the streaming giant struggled to add subscribers in the fourth quarter of 2021 and glaringly missed consensus expectations in the following quarterly period. But Netflix has doubled off its 52-week low as it got its subscriber mojo back. Here's a look at recent quarters' subscriber additions vs. Wall Street estimates and the subsequent stock reaction, according to Goldman Sachs data. Although ad-supported subscribers represent 1% of Netflix's U.S. subscriber base, Goldman analysts expect this plan to attract additional members.

☆ Wall Street's biggest firms are warning their clients not to trust the stock market rally with trouble still on the way for the US economy and corporate earnings
▼ + stars: | 2023-02-07 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Stocks have responded positively, with the S&P 500 rising as much as 9.3% since the start of the year. "An improvement in US and global macro data has lifted the S&P 500 by 8% YTD and leads us to lift our 3-month S&P 500 target to 4000 (from 3600). Morgan StanleyMike Wilson, the bank's chief US equity strategist, has been warning of downside in the S&P 500 to fall for weeks now. In other words, this earnings recession is not priced, in our view." Wilson had the most accurate price target for the S&P 500 in 2022 among major Wall Street Strategists.

☆ Goldman predicts clean hydrogen will be a $1 trillion market. Here's how to play it.
▼ + stars: | 2023-01-27 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

In the race to reduce global carbon emissions to zero, clean hydrogen is increasingly expected to be a winner. As the costs of renewable power falls, green hydrogen is becoming a better solution to decarbonization, Goldman said. How to play it Goldman said buy-rated First Solar is among the key players in the generation of green hydrogen. Experts say the tax credit makes nuclear hydrogen highly competitive with fossil fuel produced hydrogen, as companies can look to make clean hydrogen without losing any money. Goldman identified both Air Products & Chemicals and Linde as integrated clean hydrogen supply chain players.

☆ The bloodletting at Goldman Sachs might not be done yet as the bank looks for more ways to cut costs
▼ + stars: | 2023-01-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

If you're a Goldman Sachs' employee who made it through the company's recent layoffs, be warned: There could be more to come. Anyone hoping Goldman's fourth-quarter earnings report would represent a fresh start for the bank was sorely disappointed. Today should provide some hints at to how the bank will navigate things, as Goldman is set to inform employees on their year-end bonuses. Steve Pagliuca, the PE firm's co-chairman, is retiring, The Wall Street Journal reports. Read more on how Wall Street analysts got it so wrong.

☆ Here are Wednesday's biggest analyst calls: Tesla, Apple, Amazon, Exxon Mobil, Nike, Best Buy & more
▼ + stars: | 2022-12-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Morgan Stanley names Exxon Mobil a top 2023 pick Morgan Stanley said Exxon Mobil is one of the best-positioned stocks heading into 2023. Morgan Stanley reiterates Apple as overweight Morgan Stanley said concerns about App Store competition are overdone. Bank of America downgrades Best Buy to underperform from neutral Bank of America said the environment is too challenging right now for Best Buy. Bank of America reiterates Nike as neutral Bank of America said it's cautious going into Nike earnings next week. Bank of America reiterates Alphabet as buy Bank of America said it's sticking with its buy rating on Alphabet but that investors need to hear more about the Google parent's cost-cutting initiatives.

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