GS Early Morning Research Recap Ratings and Target Price Changes September 16, 2026 as of 5 30 AM ET

Equity Research 16 September 2026 | 5:59AM EDT

GS EARLY MORNING RESEARCH RECAP

Ratings and Target Price Changes - September 16, 2026 as of 5:30 AM ET

The Calls Around the World to Focus on Today Global Investment Research

Macro/Global n US Economics, Duggirala: What Explains the Decline in the Labor Share of Income? n Rates Vol Monitor, Schaper: Dispersion of Risks

Americas n O’Reilly Automotive Inc. (ORLY, Buy; on CL), McShane: Maryland repair shop survey suggests ORLY is taking share; Online pricing study, alternative data trends, and questions for the Analyst Day n Marriott Vacations Worldwide (VAC, Buy), Dove: Global Consumer and Retail Conference 2026 — Key Takeaways

Europe n CVC Capital Partners (CVC.AS, Buy; on CL), Carruthers: Framing the investment case following Fund X initial target size n CTP N.V. (CTPNV.AS, Buy; on CL), Kownator: CMD Preview: supportive broader trends and strong leasing pace at odds with share price performance; Buy

Asia n China Industrial Indicators, Du: Weakened further in August

n Japan Healthcare, Ueda: Pharmaceuticals: WCLC 2026: Potential for rise in expectations for Otsuka Holdings’ zipalertinib

The Macro Round-Up ECONOMICS US Daily: What Explains the Decline in the Labor Share of Income?

16 Sep 2026 | Economics Research - Abhay Duggirala, Jan Hatzius, David Mericle,

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Goldman Sachs GS Early Morning Research Recap

Alec Phillips, Ronnie Walker, Pierfrancesco Mei, Jessica Rindels

Global Markets Daily: A Floor Under Foreign Flows Into US Credit

15 Sep 2026 | Economics Research - Amanda Lynam, CPA

STRATEGY Dividend Swap Monitor: European dividends supported by strong earnings but upside increasingly limited

16 Sep 2026 | Portfolio Strategy Research - Christian Mueller-Glissmann, CFA, Alessandro Giglio, Andrea Ferrario, Elena Porfidia, Peter Oppenheimer

China Musings: Policy and macro back to school

15 Sep 2026 | Portfolio Strategy Research - Kinger Lau, CFA, Timothy Moe, CFA, Si Fu, Ph.D., Kevin Wang, CFA

Asia-Pacific Portfolio Strategy: Asian equity market daily update

15 Sep 2026 | Portfolio Strategy Research - Timothy Moe, CFA, Alvin So, CFA, Kinger Lau, CFA, Sunil Koul, John Kwon, Amorita Goel, CFA, Terry Chan

Rating and Conviction List Changes None.

Notable Stock Research to Consider: AMERICAS Energy and Utilities:

Chevron Corp. (CVX): Management Roundtable: Near-Term Project Momentum, Long-Term Stacking of Growth Options; Buy

16 Sep 2026 | Equity Research - Neil Mehta, Lydia Gould, Josiah Knight

Walmart Inc. (WMT): Global Consumer and Retail Conference 2026 — Key Takeaways

15 Sep 2026 | Equity Research - Kate McShane, CFA, Emily Ghosh, Mark Jordan, CFA, Nishi Agarwal, Grace Chee, Samantha Chiang

Lowe’s Cos. (LOW): Global Consumer and Retail Conference 2026 — Key Takeaways

16 Sep 2026 | Equity Research - Kate McShane, CFA, Nishi Agarwal, Mark Jordan, CFA, Emily Ghosh, Grace Chee, Samantha Chiang

Tapestry Inc. (TPR): Global Consumer and Retail Conference 2026 — Key Takeaways

16 Sep 2026 | Equity Research - Brooke Roach, CFA, Mentesnot Adamu, Carly Chasen

SharkNinja, Inc. (SN): Global Consumer and Retail Conference 2026 — Key Takeaways

16 Sep 2026 | Equity Research - Brooke Roach, CFA, Mentesnot Adamu, Carly Chasen