Goldman Sachs
May 22, 2026
US Morning Call
Daily UpdateEquitiesMacro Economic IndicatorsConsumer DiscretionaryEnergy
Goldman Sachs' US Morning Call reviews retail earnings (WMT, TGT, ROST, AS), biotech de-risking catalysts (IMVT, SNDX), and growth in gas demand/supply.
Key Takeaways
- 1.Walmart continues to show solid top-line growth and market share gains, leading to a reiterated Buy rating.
- 2.Retailers Ross Stores and Amer Sports are seeing positive momentum from strategic initiatives and portfolio growth.
- 3.In the Biotech sector, clinical results for IMVT-1402 are seen as materially de-risking a significant blockbuster opportunity.
Table of Contents
- Featured Analysts
- Notes on the Call
- Path
- Global Market Intelligence
- Resource Corner
- Listening in at Goldman Sachs
- Disclosure Appendix
- Disclosures
- Regulatory disclosures
- Ratings, coverage universe and related definitions
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Authors
Chris HusseySarah Herr
Securities
WMTTGTROSTASROIVIMVTSNDXGLNG
Themes
Biotechnology Clinical CatalystsEnergy Midstream and Gas Supply DynamicsRetail Earnings Post-Mortem
Regions
North AmericaUnited States