Goldman Sachs rises on M&A leadership, IPO fees and trading

Goldman Sachs shares rose to $1,062 on Friday, a 20% gain year-to-date and roughly 70% over the past 12 months. The bank advised on more than $647 billion of mergers and acquisitions and handled over $54 billion in equity offerings.

Goldman served as a lead underwriter on the SpaceX initial public offering. Analysts estimate total underwriting fees for SpaceX at about $500 million, with Goldman’s share above $100 million.

Goldman has a pipeline of potential listings. Filings from major private companies, including OpenAI and Anthropic, could raise several billion dollars if they proceed to market later in the year.

In its most recent quarter, Goldman reported net revenue of $17.2 billion, up 14% year-over-year. Investment banking fees were $2.8 billion, fixed income, commodities and currencies revenue reached $4.0 billion, and equities revenue exceeded $5.3 billion. The bank said trading activity carried into the second quarter.

The average analyst forecast points to about $63.4 billion in revenue for the current year, with estimates rising toward roughly $67 billion in the following period.

The stock climbed from a March low near $781 to an intraday record around $1,098, moved above a resistance level near $985 and has traded above the 50-day and 100-day exponential moving averages. Some traders are watching $1,200 as the next notable upside level.

Advisory fees, underwriting income from large listings and elevated trading revenues were the principal components of the bank’s recent revenue mix.