Goldman Sachs Has Five Buy Ratings. Only Baker Hughes Is Winning.

So why is Goldman Sachs holding buy ratings on five stocks when four of them are down this year?

Because a buy rating is a twelve month call, not a receipt for the past ten months. That's the part investors tend to forget when the screen is red.

The Scoreboard

Goldman's list covers five corners of the market: theme parks, parcel delivery, advertising, Latin American banking and oilfield services. The bank has a buy rating on each name heading into earnings season.

Here's the uncomfortable detail. Four of the five have lost ground in 2026. Baker Hughes is the only one showing a gain, and it's the only energy name on the list. All five companies report between late October and mid-November, so the thesis gets tested inside a three week window.

Five picks. Four losers. One winner. That's the scoreboard, and it's why this list is worth a second look.

The Contrarian Case

Granted, a buy rating isn't a prediction about the next quarter. It's a view on fair value over the next year, which means a falling share price can be framed as a better entry point rather than a broken thesis.

But the split on this list isn't random. Three of the four laggards sit in consumer facing or rate sensitive businesses. Theme parks depend on discretionary spending. Parcel delivery depends on e-commerce volumes and pricing power. Advertising depends on marketing budgets, which are usually the first thing a nervous CFO trims. The Latin American bank rides a rate cycle that's been volatile. Baker Hughes, by contrast, sells into the oilfield services capex cycle, which has more to do with crude prices and rig counts than with consumer confidence.

So the question worth asking: is this a bet on a broad recovery, or five separate wagers that happen to share a label?

I'd argue it's the second one. Goldman's analysts may see value in each name on its own merits, but the risk profiles are nothing alike. Treating them as a basket would be a mistake.

What Traders Are Watching

The people actually putting money to work here aren't focused on the ratings. They're focused on the prints.

According to traders watching the group, the energy name carries the cleanest setup because operating momentum is already visible. Proponents of the consumer names say the selloff has priced in a lot of bad news, and any upside surprise on attendance, package volumes or ad bookings could move shares fast. Skeptics counter that cheap stocks in slowing end markets have a habit of staying cheap.

Both sides have a point. History suggests the value trap crowd is right more often than the dip buyers when end markets are still softening, and there's no sign of a turn yet.

What's Next

Calendar first. Baker Hughes reports in late October, and the other four land between late October and mid-November. Each report brings guidance for the following quarter, and guidance tends to matter more than the headline beat or miss.

Then the macro inputs. Watch oil prices and North American rig counts for the energy name. Watch consumer spending data and park attendance commentary for the theme park operator. Watch parcel volume trends, which say a lot about e-commerce demand and pricing. Watch ad spending forecasts heading into the holiday quarter. And watch the rate path in Brazil and Mexico, because that sets the margin story for the bank.

My read: the energy pick is the one I'd trust most here, and the theme park name is the one I'm least sure about. I'm not entirely convinced consumers are ready to spend freely on $150 tickets and $18 churros while the job market cools. Time will tell, though.