Goldman Sachs stock doubles from 'Liberation Day' lows, with more room to run: BofA

August 5, 2026 - 20:14

Goldman Sachs stock has now doubled from the low point it hit on April 7, the day after President Trump announced sweeping tariffs that rattled global markets. The rebound has been driven by a surge in equity trading, a pickup in merger activity, and a wave of blockbuster initial public offerings that have poured fees into the bank's coffers.

Bank of America analysts issued a note this week saying the stock still has room to run, even after the sharp rally. They pointed to continued strength in the bank's core trading franchise, a healthy pipeline for dealmaking into 2026, and the potential for higher capital returns to shareholders. The firm reiterated a buy rating on the shares.

The stock closed at a fresh 52-week high on Tuesday, capping a remarkable recovery from the April selloff. At the lows, shares traded near $280. Now they are above $560, marking a full double from that panic level. The move has outpaced most of the big bank peers, with Goldman benefiting more than others from its heavy reliance on markets and investment banking.

BofA's price target sits at $620, implying another 10 percent gain from current levels. The analysts noted that Goldman's return on tangible equity is trending above 15 percent, a level that historically supports a premium valuation. They also flagged that the bank's wealth management arm is gaining traction, adding a steadier revenue stream to offset the volatility of trading.

The broader market has recovered from the tariff shock, but Goldman's gains have been outsized. The S&P 500 is up about 18 percent from its April low, while Goldman has doubled. That gap reflects the bank's direct exposure to the risk-on mood that has returned to Wall Street. IPO activity, in particular, has been robust, with several large tech listings generating hefty underwriting fees for Goldman.

Investors are now watching for the bank's next earnings report, due in January. Analysts expect record revenue from the trading desk, and the M&A pipeline remains full. BofA cautioned that a sharp market downturn could hurt, but the base case is for continued strength. With the stock at new highs, the question is whether the rally has more fuel. BofA says yes, and the market seems to agree.