HSBC Global Investment Research upgraded Goldman Sachs to Hold from Reduce on July 22, 2026. The firm increased its price target to $995 from $834.
This revision follows second-quarter earnings that significantly surpassed analyst expectations. Investment banking fees surged 55% year-over-year. Equities and asset management divisions also reported strong performance.
HSBC raised its earnings-per-share estimates for the bank by as much as 25%. Analysts noted that consensus earnings upgrades have materially outpaced the stock's year-to-date price performance. This trend resulted in meaningful multiple compression despite healthy share gains.