TD Cowen analysts upgraded Goldman Sachs to a strong-buy rating ahead of third-quarter earnings.
Analysts expect major banks to generate nearly $19 billion in stock-trading revenue. Goldman Sachs is expected to lead its peers, with its equity-trading desk forecast to bring in $5.1 billion for the quarter, according to a Bloomberg News analysis of analyst estimates.
Equity trading is expected to drive revenue, while fixed-income trading cools across the industry.