Goldman Sachs holds buy ratings on 5 stocks heading into the upcoming earnings season. Four have lost ground in 2026, leaving Baker Hughes as the only gainer.

The picks span theme parks, parcel delivery, advertising, Latin American banking and oilfield services. All the companies report their earnings between late October and mid-November.

Goldman Sachs is Betting Against Companies that Lost Big

Nu Holdings, parent of Brazilian digital bank Nubank, has taken the hardest hit of the 5. Its shares closed at $13.43 on October 2, a 19.77% loss since January. That price also leaves Nu roughly 29% below its 52-week high of $18.98.

Disney and Omnicom sit in the middle of the pack. Disney has shed 10.18% this year to $102.19, while Omnicom is down 8.17% at $74.15.

UPS has held up slightly better, falling 6.22% to $93.02. Baker Hughes, however, has moved in the opposite direction, gaining 22.97% this year to close at $56.

As a result, nearly 43 percentage points separate the best and worst performers among Goldman’s 5 picks.

Goldman Sachs Stock Picks Ahead of Q3 Earnings. Source: BeInCrypto/Google Finance

What Does Goldman Sachs See That the Market Has Missed?

For Nu, analyst Tito Labarta is focused on the lender’s entry into US consumer credit. He kept a $23 price target, about 71% above Friday’s close.

“We think NU’s ultra-low cost digital approach with a strong consumer experience could allow it to successfully enter the market,” Labarta stated.

At Disney, analyst Michael Ng cut his target to $140 from $144, which still sits about 37% above Friday’s close.

Ng sees Disney in the early stages of an investment cycle spanning products and its Experiences division. He estimates earnings per share (EPS) will compound at roughly 13% a year.

UPS has finished winding down its Amazon volumes, according to its second-quarter earnings release. Goldman expects more consistent profit growth now that the drawdown and related cost cuts are complete. It also sees a leaner, more automated domestic network emerging once the Amazon drag fades.

Goldman also believes Wall Street is underestimating Omnicom’s organic growth, led by double-digit expansion in its media business. The bank flagged Omnicom’s October 20 report as a potential catalyst.

“With shares trading at 6x 2027e EPS, we think Q3 results could be a positive catalyst.”

Lastly, Goldman reinstated coverage of Baker Hughes last month with a buy rating and a $71 target. That sits roughly 27% above Friday’s close.

Analyst Neil Mehta pointed to synergies from the now-completed Chart Industries acquisition. Goldman was among Baker Hughes’ advisers on that deal and helped provide its debt financing.

The calls run against a more cautious read on the season. Jim Cramer has warned that this quarter’s results could fall short of the strong run investors have come to expect.

Omnicom’s October 20 report should offer the first test of Goldman’s picks. UPS and Baker Hughes follow on October 27. Disney and Nu Holdings are expected to report last, around November 12.

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