The median stock in our Autos & Industrial Tech coverage is down 5% since reporting
4Q25 results (with Auto exposed stocks down 11%, Industrial Tech stocks up 2% at
the median, and early stage companies in lidar, autonomy, charging, and battery tech
down 13% at the median). We attribute the move lower in the auto exposed stocks
to potential headwinds stemming from supply chain volatility and geopolitical
uncertainty, both for costs and demand. We expect recent trends in orders, and
supply chain/cost effects from the volatility in the Middle East, to be key topics this
earnings season.
With this backdrop, we expect auto OEMs and suppliers to have in line to softer
reports this quarter driven by rising input costs (especially resin-based materials)
and soft 1Q auto sales in China. However, we believe companies in our industrial tech
coverage will have mostly solid reports and guidance given what we think are
improving industrial trends (as evidenced by the ISM index coming in above 50 for
the last three months in the US) and strong datacenter demand (per our industry
discussions as well as datapoints such as from GTC).
Stocks we are more positive on this quarter include KEYS, FLEX, and APH, while we
see downward bias to 2026 Street estimates for TSLA (including EPS and FCF).
We expect some key narratives and themes to include:
The extent to which companies have the ability to pass on higher costs n
(including metals, semis, and resins) - For traditional auto OEMs, we expect the
higher costs to be an incremental headwind, although we think hedges and
pricing can allow the OEMs to offset a meaningful portion of the costs and still be
within their prior guidance ranges. We expect tier 1 suppliers and components
companies to be able to pass on most or all of the higher costs (through a
combination of contractual and negotiated pricing as well as mitigation efforts),
although, at times, this can occur on a lag.
The current outlook for auto volumes by region, and if softer sales in China in n
1Q and higher oil prices will meaningfully affect the market - We expect a
relatively stable global auto market in 2026 with respect to volumes, and most
companies in our coverage assumed that production is modestly lower this year.
How the year is tracking toward this, especially with a slow start in China and
Mark Delaney, CFA
+1(212)357-0535 |
@
Goldman Sachs & Co. LLC
Will Bryant
+1(212)934-4705 | @
Goldman Sachs & Co. LLC
Aman Gupta
+1(212)357-1549 |
@
Goldman Sachs & Co. LLC
Ayush Ghose
+1(212)902-7257 |
@
Goldman Sachs & Co. LLC
13 April 2026 | 5:29PM EDT
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
certification and other important disclosures, see the Disclosure Appendix, or go to
Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the .
Equity Research
US AUTOS & INDUSTRIAL TECH
1Q26 EPS preview: Expect recent order and cost trends to be key topics
in light of geopolitical and supply chain volatility
higher oil prices, is likely to be a common topic on earnings calls this quarter.
Specifically, China retail sales are down 17% in 1Q, the US market declined 6% yoy in
1Q, and the European market is down slightly YTD. Our China autos team expects
volumes to improve from 2Q driven by new launches (although they still expect sales
to be down for 2026 in total).
Additionally, the extent to which new models and autonomy can help vehicle n
sales at EV OEMs (. TSLA, RIVN) will be key to monitor, including the Y L for Tesla
and R2 for Rivian.
AI/hyperscale demand, including from Rubin - We believe several companies in n
our Industrial Tech coverage will see strong growth in the datacenter market,
including VRT, FLEX, JBL, APH, and TEL. Moreover, the ability for companies to
capture content on AI platforms and architectures on both upcoming platforms (.
Nvidia’s Rubin architecture) and future designs (including with a higher degree of
CPO use) will be a key theme, in our view.
In this report, we detail trends by end market (autos, datacenter, and industrials), show
estimate revisions and valuation scenarios by stock, and adjust estimates and/or price
targets for several companies including KEYS, VRT, FLEX, JBL, TEL, ST, BDC, BWA, GM, F,
GNTX, LEA, VC, MGA, and MBLY. In general, we lower our target multiples for auto
OEMs/suppliers reflecting increased cyclical risk, but raise target multiples on several
datacenter exposed stocks given the continued positive datapoints in that market.
13 April 2026 2
Goldman Sachs US Autos & Industrial Tech
aVoXgZyXsUoRpQoRbRdN9PoMqQnPqOiNnNmQlOpOsObRqRqRvPnPuNMYnMqQ
Exhibit 1: Coverage snapshot
Rating 12-month
Price Target
Price Upside/
Downside
Mkt Cap
($US mn)
ROE P/E EV/EBITDA EV/Sales EV/FCFF
Auto OEMs
F Neutral $13 $ 7% $49,479 9%
GM Buy $91 $ 18% $72,912 13%
TSLA Neutral $375 $ 6% $1,247,211 9% --
RIVN Neutral $17 $ 7% $19,509 -- -- -- --
Median 9%
Tier 1 Suppliers
BWA Buy $72 $ 34% $11,403 16%
MGA Sell $52 $ -11% $16,470 12%
LEA Neutral $115 $ -7% $6,469 14%
GNTX Neutral $22 $ -1% $4,773 17%
VC Buy $106 $ 13% $2,588 15%
APTV Buy $74 $ 25% $12,830 --
Median 15%
Components and Systems
APH Buy $184 $ 27% $187,209 29%
TEL Buy $270 $ 15% $69,596 23%
BDC Buy $158 $ 21% $5,194 24%
ST Buy $43 $ 10% $5,716 18%
Median 24%
Lidar and Autonomy
AUR Neutral $4 $ -8% $8,398 -- -- -- --
INVZ Neutral $ $ 9% $144 -- -- -- --
MBLY Neutral $8 $ 7% $6,081 -- -- --
Median -- -- -- --
EMS
FLEX Buy $84 $ 7% $29,445 20%
JBL Buy $336 $ 10% $32,644 41%
Median 30%
Test and Measurement
KEYS Buy $384 $ 16% $57,282 20%
Power and Thermal Management
VRT Buy $311 $ 4% $117,486 47%
Voice Technology
CRNC Neutral $8 $ 6% $356 -- --
EV Battery
QS Sell $3 $ -53% $3,894 -- -- -- --
Warehouse Automation
SYM Sell $53 $ -3% $32,753 -- -- --
Coverage Median 7% 12%
*All price targets are for a 12-month time frame.
Forward Revenue & EBITDA take 2028 GSe for INVZ
2030 for QS and AUR; all discounted back to 2026; APTV uses pro-forma metrics and reflecting debt paydown in relation to the EDS spin
CY2026E
Price as of market close on 4/13. KEYS is on the Americas Conviction List
Source: FactSet, Goldman Sachs Global Investment Research
13 April 2026 3
Goldman Sachs US Autos & Industrial Tech
We show our estimates vs. consensus in Exhibit 3.
Exhibit 2: Illustrative upside/downside screen
Tier 1 Suppliers
BWA $54 7X $ $36 (33%) 15X $ $101 89%
GNTX $22 9X $ $18 (21%) 15X $ $36 63%
LEA $123 6X $ $88 (28%) 11X $ $197 60%
MGA $58 6X $ $41 (30%) 11X $ $90 54%
VC $93 9X $ $76 (19%) 15X $ $163 74%
APTV $59 8X $ $47 (20%) 13X $ $96 61%
Component Suppliers
APH $145 25X $ $111 (23%) 40X $ $208 43%
BDC $130 12X $ $96 (26%) 20X $ $189 45%
ST $39 7X $ $25 (35%) 15X $ $64 63%
TEL $234 15X $ $164 (30%) 30X $ $400 71%
EMS
* FLEX $78 14X $ $50 (37%) 25X $ $99 26%
* JBL $305 14X $ $188 (39%) 25X $ $394 29%
Test & Measurement
* KEYS $331 18X $ $169 (49%) 35X $ $401 21%
Power & Thermal Management
VRT $300 20X $ $121 (60%) 35X $ $359 20%
* EPS estimates exclude SBC
Auto OEMs
F $12 6X $ $10 (21%) 10X $ $20 64%
GM $77 5X $ $61 (20%) 10X $ $131 70%
TSLA $352 60X $ $165 (53%) 150X $ $494 40%
Upside Valuation Upside %
Upside %
Upside/Downside Scenario
Current Price
(4/13/2026)
Downside
Multiple
NTM EPS (GSe)
Downside Valuation
(Downside Multiple on NTM
EPS)
Downside % Upside Multiple FY2028 GSe
Upside/Downside Scenario
Current Price
(4/13/2026)
Downside
Multiple NTM EPS (GSe)
Downside Valuation
(Downside Multiple on NTM
EPS)
Downside % Upside P/E view
FY2028 EPS
(GSe)
Upside Valuation
(Upside Multiple on
FY28 EPS)
TSLA uses CY28 EPS including SBC for the downside scenario and CY28 EPS excluding SBC for the upside scenario. EPS ex SBC for JBL, KEYS, and FLEX, EPS inc SBC
for the remainder. APTV uses pro-forma EPS for NTM.
Source: Goldman Sachs Global Investment Research
Exhibit 3: GS vs the Street (FactSet) estimates
Auto OEMs GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
F 12% 7% $ $ (5%) (0%) (3%) $ $ 16% $ $ 9% $ $ 3%
GM (3%) (1%) $ $ (6%) 4% 0% $ $ 5% $ $ 1% $ $ (6%)
* TSLA 11% 16% $ $ (21%) 10% 9% $ $ (2%) $ $ 8% $ $ 25%
* RIVN 1% 9% ($) ($) -- 11% 12% ($) ($) -- ($) ($) -- ($) ($) --
Average 5% 8% (11%) 6% 5% 6% 6% 7%
Tier 1 Suppliers GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
BWA (1%) (1%) $ $ (2%) (2%) (1%) $ $ (2%) $ $ (2%) $ $ 0%
GNTX 10% 12% $ $ (2%) 1% 0% $ $ 0% $ $ 0% $ $ (0%)
LEA 8% 6% $ $ (1%) 1% 1% $ $ (0%) $ $ 0% $ $ (5%)
MGA 2% 2% $ $ (10%) 0% 1% $ $ 4% $ $ 0% $ $ (3%)
VC (4%) (4%) $ $ (8%) (7%) (3%) $ $ (7%) $ $ (2%) $ $ 1%
APTV 5% 4% $ $ 16% 5% 4% $ $ 27% $ $ 26% $ $ 24%
Average 3% 3% (1%) (0%) 0% 4% 4% 3%
Ticker
Components & Systems GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
APH 9% 10% $ $ 0% 10% 9% $ $ 3% $ $ 2% $ $ (6%)
BDC (5%) (6%) $ $ 0% 8% 8% $ $ 4% $ $ 1% $ $ (1%)
ST 1% 1% $ $ 0% 5% 4% $ $ 0% $ $ (1%) $ $ (1%)
TEL 1% 1% $ $ 0% 4% 4% $ $ 0% $ $ (3%) $ $ (1%)
Average 1% 1% 0% 7% 6% 2% (0%) (2%)
Lidar and Autonomy GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
AUR 25% (3%) ($) ($) -- 25% 67% ($) ($) -- ($) ($) -- ($) ($) --
* INVZ 3% 3% ($) ($) -- 15% 15% ($) ($) -- ($) ($) -- ($) ($) --
* MBLY 17% 16% $ $ 22% (11%) (9%) $ $ 0% $ $ 11% $ $ (8%)
EMS GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
* FLEX (1%) (1%) $ $ 0% 4% 1% $ $ 0% $ $ 1% $ $ (1%)
* JBL 4% 3% $ $ 1% 4% 4% $ $ (1%) $ $ (0%) $ $ (0%)
Average 1% 1% 0% 4% 3% (1%) 0% (1%)
Test & Measurement GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
* KEYS 6% 6% $ $ 0% (5%) (4%) $ $ (4%) $ $ (1%) $ $ 1%
Power & Thermal Management GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
VRT (9%) (9%) $ $ (1%) 25% 29% $ $ (6%) $ $ (1%) $ $ 7%
Voice Technology GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
* CRNC (47%) (47%) $ $ 0% 12% 12% $ $ 10% $ $ (4%) $ $ (51%)
EV Battery GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
QS -- -- ($) ($) -- -- -- ($) ($) -- ($) ($) -- ($) ($) --
Warehouse Automation GS Street GS Street % Diff GS Street GS Street % Diff GS Street % Diff GS Street % Diff
* SYM 6% 5% $ $ (17%) 7% 5% $ $ (8%) $ $ (14%) $ $ (11%)
* Estimates adjusted to exclude stock based compensation to compare to the Street (TSLA, RIVN, INVZ, FLEX, JBL, MBLY, KEYS, and SYM)
CY27E
EPS
EPS
EPS
EPS
CY26E
QoQ Revenue EPS EPS
YoY Revenues EPS YoY Revenues EPS
QoQ Revenue
1QCY26E 2QCY26E
Source: Goldman Sachs Global Investment Research, FactSet
13 April 2026 4
Goldman Sachs US Autos & Industrial Tech
2rzaWZznKOAVnaJ79ZE0++40Fz+AFA24cQWcnRQ+EASKmiiysmfd0vVdmHWicnrU
Stock trading recap
Since the start of 4Q25 earnings season, 2026 Street consensus EPS estimates for
our coverage have been revised up by 3% at the median, and 2027 estimates have
been revised up by 2% (Exhibit 4). We attribute this primarily to tailwinds for
traditional auto OEMs (. tariffs and emissions rules), improving cyclical trends in the
industrial market, and rising datacenter capex.
Intra-quarter estimate changes have been minimal, with minor upward revisions to
AI-exposed and industrials stocks, and minor downward revisions to autos stocks.
However, the median stock in our coverage has underperformed since last earnings
season. This is highlighted by the median stock in our coverage which is down 5% since
the trading day after reporting 4Q25 results, and down 6% relative to the S&P 500 over
the same time horizon (Exhibit 5).
Exhibit 4: 2026 and 2027 EPS estimate changes since 4Q reports and since the start of 2026
Since T-1 4Q25
reports
Since (EPS +7
days)
Since start of
2026
Since T-1 4Q25
reports
Since (EPS +7
days)
Since start of
2026
Auto OEMs
GM % % % % % %
F % % % % % %
TSLA % % % % % %
Tier 1 Suppliers
BWA % % % % % %
LEA % % % % % %
GNTX % % % % % %
MGA % % % % % %
VC % % % % % %
Electronic Components
APH % % % % % %
* TEL % % % % % %
ST % % % % % %
BDC % % % % % %
Lidar & Autonomy
MBLY % % % % % %
EMS
* FLEX % % % % % %
* JBL % % % % % %
Test & Measurement
* KEYS % % % % % %
Power & Thermal Management
VRT % % % % % %
Voice Technology
* CRNC % % % % % %
Warehouse Automation
* SYM % % % % % %
Median % % % % % %
*Since most recent FY quarterly reports
Change in consensus EPS estimates
2026 2027
Source: FactSet
13 April 2026 5
Goldman Sachs US Autos & Industrial Tech
Oil and input costs in focus
Given the recent rise in oil prices in light of geopolitical events (as detailed in this note
from the GS commodities team), we examined the historical relationship between oil/gas
prices and US SAAR in Exhibit 6. The historical correlation has been limited, albeit with
Exhibit 5: Stock performance since 4Q reports and 2026 YTD
Absolute
Relative to
S&P 500 Absolute
Relative to
S&P 500 Absolute
Relative to
S&P 500
Auto OEMs
GM % % % % % %
F % % % % % %
TSLA % % % % % %
RIVN % % % % % %
Tier 1 Suppliers
BWA % % % % % %
LEA % % % % % %
GNTX % % % % % %
MGA % % % % % %
VC % % % % % %
Electronic Components
APH % % % % % %
* TEL % % % % % %
ST % % % % % %
BDC % % % % % %
Lidar & Autonomy
AUR % % % % % %
INVZ % % % % % %
MBLY % % % % % %
EMS
* FLEX % % % % % %
* JBL % % % % % %
Test & Measurement
* KEYS % % % % % %
Power & Thermal Management
VRT % % % % % %
Voice Technology
* CRNC % % % % % %
Warehouse Automation
* SYM % % % % % %
EV Battery
QS % % % % % %
Median % % % % % %
*Since most recent FY quarterly reports
Stock Performance
Since T+1 4Q25 reports Since T-1 4Q25 reports 2026 YTD
Source: FactSet
13 April 2026 6
Goldman Sachs US Autos & Industrial Tech
some periods of tighter correlation centered on recessions.
We also looked at the extent that higher gas prices have historically correlated with a
meaningful increase in the mix of more fuel efficient vehicles. While Google Search
Trends for electric vehicles do correlate well with gas prices (Exhibit 7), suggesting some
mix shift during periods of higher gasoline prices, the proportion of the market volumes
tied to large SUVs and pickups has been on a multi-year trend higher, even in periods
with higher gas prices (Exhibit 8). This shift toward larger vehicles has been driven in part
by portfolio decisions of OEMs toward larger vehicles (including during the COVID
related chip shortage to prioritize more profitable vehicles).
Overall, higher oil/gas prices will likely have some effect on mix, but we think the degree
based on past periods could be relatively moderate unless there was a material
sustained increase. GM, for example, suggested at an investor event that it could take
4-6 months of higher prices for there to be meaningful movement in mix. Importantly,
the auto market has been well correlated in the past with indicators including housing
starts and consumer sentiment, and the auto market tends to contract meaningfully in a
recession, so we think those will be key metrics to monitor.
Costs rising due in part to the conflict in the Middle East
Based on our discussions with companies and per filings, we believe most companies in
Exhibit 6: US gasoline prices vs US light vehicle SAAR
-
$
$
$
$
$
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Average US gas price US SAAR
Source: EIA, Autodata
Exhibit 7: US gasoline prices vs annual sales mix of large
SUV and pickups
Exhibit 8: US Google search trends for electric vehicles vs
US gasoline price
%
%
%
%
%
%
%
%
%
%
$
$
$
$
$
$
$
$
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$
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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Gasoline Prices ($/gal) % mix Large SUV and Pickups
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EV Search Trends (max = 100) Gasoline Prices ($/gal)
Source: EIA, Autodata
Source: EIA, Google Trends (
13 April 2026 7
Goldman Sachs US Autos & Industrial Tech
our coverage have limited direct revenue or facilities exposure to the region, although
higher costs for oil and supply chain challenges outside of the region could pressure
resins and input costs for our covered companies.
In fact, these could add to the higher costs the industry was already expecting this year.
Recall during 4Q25 earnings season, GM noted that it expected a $-$ bn
headwind to its 2026 EBIT guidance from commodity inflation, higher DRAM costs, and
FX headwinds, while Ford guided for a $1 bn headwind to EBIT from cost inflation
including DRAM. We estimate that the level of cost previously included in guidance from
both OEMs equated to low hundreds of dollars of incremental cost per vehicle. We
believe costs have become incrementally more challenging QTD.
We highlight how some key raw material costs have trended over time in Exhibit
9-Exhibit 14, and also an illustrative BoM cost breakout for light vehicles (Exhibit 15). As
an example, polypropylene, a plastic that is used in auto products such bumpers and
wheel covers has seen prices increase significantly (Exhibit 13).
Importantly, we note that while some raw material spot prices have increased, there is
likely to be a delay in costs being realized by companies in our sector given inventory
cycle times and some degree of hedging/longer-term contracts that companies in the
industry utilize.
Exhibit 9: Steel prices have increased off of recent lows
Steel price is $/st
Exhibit 10: Copper prices are well above the 5 year average
Copper price is $/mt
0
500
1,000
1,500
2,000
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Steel price ($/st) average
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
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Copper price ($/mt) average
Source: FactSet, Goldman Sachs Global Investment Research
Source: FactSet, Goldman Sachs Global Investment Research
13 April 2026 8
Goldman Sachs US Autos & Industrial Tech
Separately on DRAM, both OEMs and tier 1 suppliers in our coverage noted that they did
not expect a meaningful impact to production volumes from DRAM supply (.
shortages so significant that production is down), but higher DRAM was cited as an area
of cost pressure (although tier 1s expect to pass this cost on).
Exhibit 11: Aluminum prices have trended upwards over
the last year
Aluminum price is $/mt
Exhibit 12: Rubber prices have also increased since late
2025
Rubber price is cents/kg
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
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Aluminum ($/mt) average
0
50
100
150
200
250
300
350
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ct
-2
1
Ja
n-
22
A
pr
-2
2
Ju
l-2
2
O
ct
-2
2
Ja
n-
23
A
pr
-2
3
Ju
l-2
3
O
ct
-2
3
Ja
n-
24
A
pr
-2
4
Ju
l-2
4
O
ct
-2
4
Ja
n-
25
A
pr
-2
5
Ju
l-2
5
O
ct
-2
5
Ja
n-
26
A
pr
-2
6
Rubber (c/kg) average
Source: FactSet, Goldman Sachs Global Investment Research
Source: FactSet, Goldman Sachs Global Investment Research
Exhibit 13: Plastic (Polypropylene) prices have significantly
increased since the beginning of the US-Iran conflict
Polypropylene price is $/mt
1,
1,
1,
1,
1,
1,
1,
A
pr
-2
0
Ju
l-2
0
O
ct
-2
0
Ja
n-
21
A
pr
-2
1
Ju
l-2
1
O
ct
-2
1
Ja
n-
22
A
pr
-2
2
Ju
l-2
2
O
ct
-2
2
Ja
n-
23
A
pr
-2
3
Ju
l-2
3
O
ct
-2
3
Ja
n-
24
A
pr
-2
4
Ju
l-2
4
O
ct
-2
4
Ja
n-
25
A
pr
-2
5
Ju
l-2
5
O
ct
-2
5
Ja
n-
26
A
pr
-2
6
Polypropylene ($/mt)-plastics average
Source: FactSet, Goldman Sachs Global Investment Research
13 April 2026 9
Goldman Sachs US Autos & Industrial Tech
Autos: Demand trajectory into 2026, and supply chain, in focus
Auto demand was mixed in 1Q26
US auto sales were down mid single digits yoy in 1Q26 (per Wards and Motor
Intelligence), with SAAR averaging mn (per Wards).
Inventory levels for the US industry overall increased sequentially in March, but remain
modestly below longer-term averages (Exhibit 17 and Exhibit 18). For Ford, the ability
for the company to execute on its F-150 production expectations as Novelis ramps in 2H
will be key to monitor, with Ford losing share in the large pickup segment in recent
months as F-150 inventory declined (Exhibit 19).
Exhibit 14: DRAM, specifically DDR4, prices have
increased significantly
DDR4 16GB spot pricing
Exhibit 15: Illustrative COGS per vehicle
$
$
$
$
$
$
$
$
$
$
$
Jan
24
Mar
24
May
24
July
24
Sep
24
Nov
24
Jan
25
Mar
25
May
25
Jul
25
Sep
25
Nov
25
Jan
26
Mar
26E
May
26F
Jul
26F
Sep
26F
Nov
26F
D
D
R4
1
6G
b,
2
G
x8
3
20
0
Materials Labor Depreciation Logistics and other Warranty
Source: TrendForce
Source: Goldman Sachs Global Investment Research
Exhibit 16: US light vehicle SAAR
U
S
li
gh
t v
eh
ic
le
S
A
A
R
Source: Wards
13 April 2026 10
Goldman Sachs US Autos & Industrial Tech
Auto sales QTD in Europe were down 1% through February per ACEA. In 1Q for key
European regions (UK, France, Germany, Italy, Spain, and Norway), sales were up 5%
driven by strong sales in March. Sales were down 17% in China for 1Q (per the CPCA).
Exhibit 17: US light vehicles inventory and incentives
Exhibit 18: Days of inventory for GM, Ford, and Stellantis
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
In
ce
nt
iv
es
($
)
U
S
L
V
in
ve
nt
or
y
(1
,0
00
's
o
f u
ni
ts
)
US Light Vehicle Inventory Incentives
0
20
40
60
80
100
120
D
ay
s
of
in
ve
nt
or
y
Ford General Motors Stellantis
Source: Motor Intelligence
Source: Motor Intelligence
Exhibit 19: F share of large pickup segment
27%
28%
29%
30%
31%
32%
33%
34%
35%
36%
0
50,000
100,000
150,000
200,000
250,000
300,000
Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26
F
sh
ar
e
of
la
rg
e
pi
ck
up
s
eg
m
en
t
(%
)
In
ve
nt
or
y
un
it
s
F share (%) F GM STLA
Source: Motor Intelligence
13 April 2026 11
Goldman Sachs US Autos & Industrial Tech
We expect the US auto market to be flattish in 2026. One reason is based on our auto
leading indicators (ALI) analysis, which tracks key inputs that correlate with new vehicle
buying such as consumer sentiment, Google Search traffic, and housing starts (Exhibit
21). ALI data was relatively strong over the summer, although the recent datapoints (.
consumer sentiment) have softened. However, Google search trends related to new car
purchases remain robust, and auto plans to buy show signs of recovery.
One of the key inputs of our ALI analysis, consumer confidence, has been weak, declining
yoy each of the last 15 months. (Exhibit 22).
Exhibit 20: Auto sales by region have varied
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
M
on
th
ly
a
ut
o
un
it
sa
le
s
Total (EU27+EFTA+UK) China Retail United States
Auto sales have varied by
region
Source: Motor Intelligence, ACEA, CPCA
Exhibit 21: US SAAR vs. Auto monthly indicators
%
%
%
%
%
%
%
%
Ja
n-
12
Ju
l-1
2
Ja
n-
13
Ju
l-1
3
Ja
n-
14
Ju
l-1
4
Ja
n-
15
Ju
l-1
5
Ja
n-
16
Ju
l-1
6
Ja
n-
17
Ju
l-1
7
Ja
n-
18
Ju
l-1
8
Ja
n-
19
Ju
l-1
9
Ja
n-
20
Ju
l-2
0
Ja
n-
21
Ju
l-2
1
Ja
n-
22
Ju
l-2
2
Ja
n-
23
Ju
l-2
3
Ja
n-
24
Ju
l-2
4
Ja
n-
25
Ju
l-2
5
Ja
n-
26
US SAAR 3mma yoy Automotive monthly indicators 3mma yoy
Source: Goldman Sachs Global Investment Research, University of Michigan, The Conference Board, St. Louis Federal Reserve
13 April 2026 12
Goldman Sachs US Autos & Industrial Tech
Auto plans to buy had been declining yoy towards the end of 2025, but have increased
both yoy and mom recently. Overall, they remain similar to historical levels (Exhibit 23).
Auto tier 1s likely to maintain their outlooks for modestly lower production in 2026
Tier 1 suppliers in our coverage consistently assumed that light vehicle production (LVP)
is down slightly in 2026, as shown in Exhibit 24, and we think companies will maintain
this view (which is also consistent with the current S&P Global Mobility/IHS forecast).
Many tier 1s typically use S&P as a benchmark or starting point when providing
guidance.
Exhibit 22: Consumer confidence has decreased yoy over the
last 15 months
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0
20
40
60
80
100
120
M
ar
-2
4
A
pr
-2
4
M
ay
-2
4
Ju
n-
24
Ju
l-2
4
A
ug
-2
4
S
ep
-2
4
O
ct
-2
4
N
ov
-2
4
D
ec
-2
4
Ja
n-
25
Fe
b-
25
M
ar
-2
5
A
pr
-2
5
M
ay
-2
5
Ju
n-
25
Ju
l-2
5
A
ug
-2
5
S
ep
-2
5
O
ct
-2
5
N
ov
-2
5
D
ec
-2
5
Ja
n-
26
Fe
b-
26
M
ar
-2
6
U
ni
ve
rs
ity
o
f M
ic
hi
ga
n
C
on
su
m
er
S
en
tim
en
t
In
de
x
Consumer Sentiment yoy
Source: University of Michigan
Exhibit 23: Auto plans to buy have shown signs of recovery
in recent months
%
%
%
%
%
%
%
%
%
%
A
ut
o
pl
an
s
to
b
uy
in
6
m
on
th
s
Auto Plans to Buy in 6 months yoy
Source: St. Louis Federal Reserve
13 April 2026 13
Goldman Sachs US Autos & Industrial Tech
For context, we show how S&P (IHS) estimates for global and North American
production have shifted for 2026 from October 2024 to March 2026 in Exhibit 25 -
Exhibit 26.
EV and hybrid sales by region
EV growth has varied by region.
EV sales in the US were down 26% yoy in 1Q per data from Motor Intelligence. Hybrid
sales in the US were up 12% in 1Q, and PHEV sales were down 58% in 1Q.
In major European markets (UK, Germany, Norway, France, Italy, and Spain), EV sales
were up 32% yoy in 1Q and were up 33% yoy in 2025, with PHEV sales up 42%/up 40%
Exhibit 24: Tier 1 LVP assumptions vs IHS
Auto suppliers light vehicle production outlook vs. IHS
Company
CY26 LVP outlook post 4Q25
earnings (YoY) IHS forecast (YoY; as of March '26)
∆
Aptiv
Global -1% -1% 0 pp
BorgWarner
^ North America -3% -2% -1 pp
^ Europe -1% -1% 0 pp
^ China -3% -2% -1 pp
^* Global -2% -1% -1 pp
Gentex
North America -2% -2% 0 pp
Europe -1% -1% 0 pp
Japan and S. Korea -2% -2% 0 pp
Global -1% -1% 0 pp
Lear
North America -2% -2% 0 pp
Europe and Africa -1% -1% 0 pp
China -2% -2% 0 pp
* Global -1% -1% 0 pp
Magna
North America -1% -2% +1 pp
Europe 1% -1% +2 pp
China -2% -2% 0 pp
* Global -1% -1% 0 pp
Visteon
^* Global -2% -1% -1 pp
*Adjusted for market exposure
^Midpoint of outlook
Source: Company data, S&P Global Mobility (IHS)
Exhibit 25: IHS 2026 global production forecast
Exhibit 26: IHS 2026 North American production forecast
O
ct
-2
4
N
ov
-2
4
D
ec
-2
4
Ja
n-
25
Fe
b-
25
M
ar
-2
5
A
pr
-2
5
M
ay
-2
5
Ju
n-
25
Ju
l-2
5
A
ug
-2
5
Se
p-
25
O
ct
-2
5
N
ov
-2
5
D
ec
-2
5
Ja
n-
26
Fe
b-
26
M
ar
-2
6
IH
S
20
26
G
lo
ba
l L
VP
(m
ns
)
O
ct
-2
4
N
ov
-2
4
D
ec
-2
4
Ja
n-
25
Fe
b-
25
M
ar
-2
5
A
pr
-2
5
M
ay
-2
5
Ju
n-
25
Ju
l-2
5
A
ug
-2
5
Se
p-
25
O
ct
-2
5
N
ov
-2
5
D
ec
-2
5
Ja
n-
26
Fe
b-
26
M
ar
-2
6
IH
S
20
26
N
or
th
A
m
er
ic
a
LV
P
(m
ns
)
Source: IHS, Goldman Sachs Global Investment Research
Source: IHS, Goldman Sachs Global Investment Research
13 April 2026 14
Goldman Sachs US Autos & Industrial Tech
over the same timeframe. In China, BEV and PHEV sales were down 21% in 1Q.
EV sales as a percent of new vehicles sold in the US were 6% in 1Q per Motor
Intelligence, in line with 4Q25 and down from 10-12% in 3Q due to the IRA credit
expiration (and pull-in demand in 3Q). This is below both Europe and China.
We expect US EV volumes to decline modestly in 2026 (and be more 2H weighted), as
headwinds from the IRA credit expiration are mostly offset by new model launches such
as the Rivian R2 and potential introduction of the Model Y L from Tesla.
Datacenter: Strength continues, growth in 2026 and beyond a focus
We expect datacenter demand to continue to be robust. A bottom-up aggregation of
the GS capex estimates for the key hyperscale companies aggregated points to 67%
growth for 2026 and 16% for 2027, higher than expectations coming out of 4Q reports.
Comments from major CSPs during 4Q reports were also positive, commenting on tight
supply/demand and/or raising capex (. Microsoft, Meta, AWS).
Several of the companies in our coverage also reported strong 4Q results related to
Exhibit 27: BEV adoption by region
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
B
E
V
a
do
pt
io
n
United States China Select European Countries
Source: CPCA, Wind, Motor Intelligence, BEA, ACEA
Exhibit 28: Our GS colleagues expect 67% and 16% yoy
growth in US hyperscale capex in 2026 and 2027,
respectively
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2022 2023 2024 2025 2026E 2027E
yo
y
Ca
pe
x
($
m
ns
)
Total cloud capex ($ mns) yoy
Source: Goldman Sachs Global Investment Research
13 April 2026 15
Goldman Sachs US Autos & Industrial Tech
datacenter/AI demand. Specifically, Vertiv’s orders increased organically by about 252%
yoy and 117% sequentially in 4Q, and Amphenol’s total orders grew 68% yoy and 38%
sequentially. Amphenol’s IT datacom segment sales (where it reports its datacenter
business) were up 110% yoy organically, and Amphenol guided 1Q IT datacom segments
sales to remain similar to 4Q levels organically. TE Connectivity also reported record
orders of $ bn in 1QFY26 (December 2025), with a portion of the orders
longer-dated for AI build-outs. TE also commented that it expects its AI and
cloud-related revenue in FY26 to be $200 mn higher than its prior expectation. Recall in
FY25, AI-related revenue was >$900 mn and the non-AI cloud business was $500 mn
(., ~$ bn in total). Flex continues to expect at least 35% yoy growth in datacenter
revenue this year and attributed datacenter strength as a key reason behind its
increased FY26 guidance. Keysight also discussed strong orders and results in its wireline
business (where the company reports AI-related revenue), with record orders which
surpassed wireless for the first time and the company noting a broadening of its
AI-related customer base.
At GTC in March, Nvidia provided several positive comments on the datacenter
opportunity and demand trends. The company stated that it now has increased visibility
into its datacenter revenue across Blackwell and Rubin platforms, with over $1 trillion of
revenue now expected through 2027 across both compute and networking (compared
to the company’s prior disclosure of $500 bn of revenue through 2026). Nvidia also
expects its future platforms (. Kyber) to use both copper and optical/CPO for
scale-up. Nvidia also emphasized flexibility in its platforms across technologies and
noted that there is a continued growing demand for both copper and optical/CPO
products.
Industrials: Measured cyclical recovery continues, with pockets of secular strength
During 4Q earnings reports, TE, Belden, and Sensata highlighted strength in energy
applications related to grid hardening and aerospace and defense, as well as factory
automation, though more consumer-exposed applications like appliances and HVAC
remain weaker. TE noted some demand from renewable applications, and Flex
commented that it saw growth in the quarter for core industrials. Belden also highlighted
positive trends in Germany and China as well as in smart buildings and urban transit
applications.
Taken together, sales trends into the industrial end market have shown improvement for
TE, Belden, Amphenol, and Sensata.
We show organic growth in the industrial end market for key electronics components
companies, and the ISM index, in Exhibit 29.
13 April 2026 16
Goldman Sachs US Autos & Industrial Tech
PMIs globally have been near the 50 level, but have fluctuated. The components of PMI
data were mixed on a sequential basis in the US in 2025. Importantly though, we believe
the yoy growth in the ISM index is more important than the overall level, and we’d note
that the March 2026 reading of was up both qoq and yoy, and this was the third
consecutive month in the US with a PMI above 50.
Price target and estimate changes, and key risks
In general, we lower our target multiples for auto OEMs/suppliers reflecting increased
cyclical risk, but raise target multiples on several datacenter exposed stocks given the
continued positive datapoints in that market. We are also revising estimates for GM and
F reflecting headwinds related to input costs including commodities and resins, Lear to
reflect comments at an investor conference, and KEYS to better reflect positive business
momentum.
We show updated price targets in Exhibit 32 and updated estimates in Exhibit 33.
Exhibit 29: Organic growth for industrial-exposed
companies in our coverage vs. the US ISM PMI quarterly avg
yoy growth
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1Q
20
2Q
20
3Q
20
4Q
20
1Q
21
2Q
21
3Q
21
4Q
21
1Q
22
2Q
22
3Q
22
4Q
22
1Q
23
2Q
23
3Q
23
4Q
23
1Q
24
2Q
24
3Q
24
4Q
24
1Q
25
2Q
25
3Q
25
4Q
25
Average industrial organic growth (TEL, APH, BDC)
Average organic growth (TEL, APH, ST, BDC)
US ISM PMI Quarterly avg yoy growth
Average organic growth for 4Q24+ does not include ST (company did not disclose
this information), but ST is included for previous quarters
Source: Company data, Goldman Sachs Global Investment Research, FactSet
Exhibit 30: Manufacturing PMI in US, China, and Europe
Exhibit 31: US ISM PMI
30
35
40
45
50
55
60
65
70
M
an
uf
ac
tu
rin
g
P
M
I
US Europe China
40
45
50
55
60
65
M
ar
-2
1
Ju
n-
21
S
ep
-2
1
D
ec
-2
1
M
ar
-2
2
Ju
n-
22
S
ep
-2
2
D
ec
-2
2
M
ar
-2
3
Ju
n-
23
S
ep
-2
3
D
ec
-2
3
M
ar
-2
4
Ju
n-
24
S
ep
-2
4
D
ec
-2
4
M
ar
-2
5
Ju
n-
25
S
ep
-2
5
D
ec
-2
5
M
ar
-2
6
U
S
IS
M
P
M
I
Source: FactSet
Source: FactSet
13 April 2026 17
Goldman Sachs US Autos & Industrial Tech
Exhibit 32: Updated 12-month price targets for BDC, BWA, FLEX, GM, JBL, KEYS, ST, TEL, VC,
VRT, F, GNTX, LEA, MBLY, MGA
Auto OEMs
Target
Multiple Norm. EPS
Price
Target
Target
Multiple Norm. EPS
Price
Target
F 7X $ $13 8X $ $15
GM 7X $ $91 8X $ $104
Auto Tier 1 Suppliers
Target
Multiple Norm. EPS
Price
Target
Target
Multiple Norm. EPS
Price
Target
LEA 7X $ $115 8X $ $129
MGA 7X $ $52 8X $ $60
BWA 12X $ $72 13X $ $78
GNTX 10X $ $22 11X $ $24
VC 11X $ $106 12X $ $115
Electronic Components
Target
Multiple
Norm. EPS Price
Target
Target
Multiple
Norm. EPS Price
Target
ST 11X $ $43 12X $ $47
TEL 22X $ $270 25X $ $306
BDC 18X $ $158 20X $ $175
EMS
Target
Multiple
PT
Methodology
Price
Target
Target
Multiple
PT
Methodology
Price
Target
FLEX 24X Q5-Q8 EPS $84 22X Q5-Q8 EPS $77
JBL 24X Q5-Q8 EPS $336 22X Q5-Q8 EPS $308
Autonomy
Target
Multiple
PT
Methodology
Price
Target
Target
Multiple
PT
Methodology
Price
Target
MBLY 12X Q5-Q8 EBITDA $8 20X Q5-Q8 EBITDA $12
Power & Thermal Management
Target
Multiple
PT
Methodology
Price
Target
Target
Multiple
PT
Methodology
Price
Target
VRT 27X Q5-Q8 EBITDA $311 24X Q5-Q8 EBITDA $277
Test & Measurement
Target
Multiple
Norm. EPS Price
Target
Target
Multiple
Norm. EPS Price
Target
KEYS 40X $ $384 35X $ $322
*Our 12-month PT for listed in CAD is $72 CAD from $82 previously
NEW OLD
Autos & Industrial Technology Price Target Changes
Source: Goldman Sachs Global Investment Research
Exhibit 33: New vs old estimates for KEYS, GM, F, and LEA
Old revenue New revenue % change Old EPS New EPS % change Old revenue New revenue % change Old EPS New EPS % change Old revenue New revenue % change Old EPS New EPS % change
Auto OEMs
F $194,015 $191,917 -1% $ $ -3% $195,708 $194,991 0% $ $ 0% $198,540 $197,834 0% $ $ 0%
GM $186,660 $185,765 0% $ $ -1% $188,255 $187,773 0% $ $ 0% $188,295 $187,813 0% $ $ 0%
Auto Tier 1 Suppliers
LEA $23,650 $23,563 0% $ $ 1% $23,756 $23,854 0% $ $ 2% $24,171 $24,301 1% $ $ 1%
Test & Measurement
KEYS $6,574 $6,666 1% $ $ 3% $6,988 $7,186 3% $ $ 5% $7,363 $7,572 3% $ $ 5%
FY2026 FY2027 FY2028
EPS estimates exclude SBC for KEYS
Source: Goldman Sachs Global Investment Research
13 April 2026 18
Goldman Sachs US Autos & Industrial Tech
Exhibit 34: Key risks
Current Price PT
Company Ticker GS Rating Price Target Methodology
Auto OEMs
Tesla TSLA Neutral $ $375 Q5-Q8 EPS EV adoption, margins, market share, the auto cycle, operational execution, key person risk, products/capabilities like FSD/4680, tariffs
General Motors GM Buy $ $91 Norm. EPS The auto cycle, market share, margins, FCF, the ability to pivot to growth areas such as EVs and Avs, ability to grow software & services, tariffs
Ford F Neutral $ $13 Norm. EPS The auto cycle, market share, margins, the ability to pivot to growth areas such as hybrids/EVs and AVs, ability to grow software & services, tariffs
Rivian RIVN Neutral $ $17 Q5-Q8 Sales Pre-orders/sales volumes, production ramp, market share, margins, software/services mix, the auto cycle, EV adoption, tariffs
Tier 1 Suppliers
BorgWarner BWA Buy $ $72 Norm. EPS Revenue growth and long-term profitability, including exposure to EVs and profits from ICE related products, market share, tariff impact, and the auto cycle
Gentex GNTX Neutral $ $22 Norm. EPS Revenue growth (such as better attach rates of high-end products or growth outside of auto), margins, multiple expansion, the auto cycle, and tariffs
Lear LEA Neutral $ $115 Norm. EPS The auto cycle, Lear outgrowing/undergrowing underlying auto production, market share, tariffs and margins
* Magna MGA Sell $ $52 Norm. EPS The auto cycle, market share, ability to outgrow production and capitalize on secular growth themes, capital allocation, FCF, tariffs
Visteon VC Buy $ $106 Norm. EPS The auto cycle, Visteon undergrowing the underlying auto production, market share, margins, and tariffs
Aptiv APTV Buy $ $74 Norm. EPS The auto cycle, Aptiv's ability to outgrow underlying auto production, market share, margins, non-auto growth
Electronic Components
Amphenol APH Buy $ $184 Norm. EPS Sales and end market trends, margins, capital allocation, broader macro environment
TE Connectivity TEL Buy $ $270 Norm. EPS Revenue growth and end market demand, margins, M&A, broader macro environment
Belden BDC Buy $ $158 Norm. EPS Industrial/macro trends, margins, leverage, M&A, tariffs
Sensata ST Buy $ $43 Norm. EPS Auto and trucking trends, content opportunities in electrification, supply/demand trends in industrial, appliance & HVAC, and aerospace, margins, and leverage/FCF
Autonomy
Aurora AUR Neutral $ $4 2030 Sales (Discounted) Time to market, industry pricing per mile, ability to expand geographic reach and scale more broadly
Innoviz INVZ Neutral $ $ 2028 Sales (Discounted) Lidar adoption and ASPs, margins, market share, M&A, balance sheet
Mobileye MBLY Neutral $ $8 Q5-Q8 EBITDA ADAS/AV adoption, competition, geopolitics, market share, supply constraints and supplier/partner readiness
EMS
Flex FLEX Buy $ $84 Q5-Q8 EPS Macro demand, growth in key end markets (such as datacenter and auto), ability to expand margins, geopolitical uncertainty, and FCF
Jabil JBL Buy $ $336 Q5-Q8 EPS Revenue growth (including due to macro factors, market share, and program mix), ability to expand margins, geopolitical uncertainty and FCF
Test and Measurement
Keysight KEYS Buy $ $384 Norm. EPS Revenue growth (especially in 5G), margins, M&A, and the impact of geopolitical trade relations on fundamentals
Power and Thermal Management
Vertiv VRT Buy $ $311 Q5-Q8 EBITDA Revenue growth and mix, market share, margins, execution
Voice Technology
Cerence CRNC Neutral $ $8 Q5-Q8 Sales Industry and macro environment, competition, margins, natural ASP degradation
EV Battery
QuantumScape QS Sell $ $3 2030 Sales (Discounted) Ability to hit its targeted battery specs and ramp production, technological breakthroughs in today's lithium-ion batteries
Warehouse Automation
Symbotic SYM Sell $ $53 FY2028 EBITDA (Discounted) Customer concentration, industry competition, warehouse automation investment trends, revenue growth
*Our 12-month PT for listed in Canada is 72 CAD
Key upside/downside risks
All price targets are for a 12-month time frame. Current price is as of market close on 4/13/26
Source: Goldman Sachs Global Investment Research, FactSet
13 April 2026 19
Goldman Sachs US Autos & Industrial Tech
Disclosure Appendix
Reg AC
We, Mark Delaney, CFA, Will Bryant, Aman Gupta and Ayush Ghose, hereby certify that all of the views expressed in this report accurately reflect our
personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be,
directly or indirectly, related to the specific recommendations or views expressed in this report.
Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.
Contributing Authors: Mark Delaney, CFA Goldman Sachs & Co. LLC, Will Bryant Goldman Sachs & Co. LLC, Aman Gupta Goldman Sachs & Co. LLC,
Ayush Ghose Goldman Sachs & Co. LLC.
Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment
Research division.
GS Factor Profile
The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (. our universe of rated stocks)
and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (. valuation) and Integrated (a composite of Growth,
Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The
normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may
vary depending on the fiscal year, industry and region, but the standard approach is as follows:
Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a
higher percentile indicating a higher growth company. Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial
stocks, only ROE), with a higher percentile indicating a company with higher financial returns. Multiple is based on a stock’s forward-looking P/E, P/B,
price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stocks, only P/E, P/B and P/D), with a higher percentile
indicating a stock trading at a higher multiple. The Integrated percentile is calculated as the average of the Growth percentile, Financial Returns
percentile and (100% - Multiple percentile).
Financial Returns and Multiple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters in the future. Growth uses inputs
for the fiscal year at least seven quarters in the future compared with the year at least three quarters in the future (on a per-share basis for all metrics).
For a more detailed description of how we calculate the GS Factor Profile, please contact your GS representative.
M&A Rank
Across our global coverage, we examine stocks using an M&A framework, considering both qualitative factors and quantitative factors (which may vary
across sectors and regions) to incorporate the potential that certain companies could be acquired. We then assign a M&A rank as a means of scoring
companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
factor into our price target, and may or may not be discussed in research.
Quantum
Quantum is Goldman Sachs’ proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for
in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.
Disclosures
Financial Advisory Disclosure
Goldman Sachs and/or one of its affiliates is acting as a financial advisor in connection with an announced strategic matter involving the following
company or one of its affiliates: Mobileye Global Inc.
The rating(s) for Amphenol Corp., Aurora Innovation Inc., Belden Inc., BorgWarner Inc., Cerence Inc., Flex, Ford Motor Co., General Motors Co.,
Gentex Corp., Innoviz Technologies, Jabil Circuit Inc., Keysight Technologies Inc., Lear Corp., Magna International Inc., Mobileye Global Inc.,
QuantumScape Corp., Rivian Automotive Inc., Sensata Technologies Holding, Symbotic Inc., TE Connectivity Plc, Tesla Inc., Vertiv Holdings and
Visteon Corp. is/are relative to the other companies in its/their coverage universe: Amphenol Corp., Aurora Innovation Inc., Belden Inc.,
BorgWarner Inc., Cerence Inc., ChargePoint Holdings, Flex, Ford Motor Co., General Motors Co., Gentex Corp., Innoviz Technologies, Jabil Circuit Inc.,
Keysight Technologies Inc., Lear Corp., Magna International Inc., Mobileye Global Inc., QuantumScape Corp., Rivian Automotive Inc., Sensata
Technologies Holding, Symbotic Inc., TE Connectivity Plc, Tesla Inc., Vertiv Holdings, Visteon Corp.
Company-specific regulatory disclosures
Compendium report: please see disclosures at Disclosures applicable to the companies included in this
compendium can be found in the latest relevant published research
Distribution of ratings/investment banking relationships
Goldman Sachs Investment Research global Equity coverage universe
As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities. Goldman Sachs assigns stocks as
Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the
purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking
Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment
banking services within the previous twelve months.
Rating Distribution Investment Banking Relationships
Buy Hold Sell Buy Hold Sell
Global 50% 34% 16% 65% 60% 45%
13 April 2026 20
Goldman Sachs US Autos & Industrial Tech
Price target and rating history chart(s)
Compendium report: please see disclosures at Disclosures applicable to the companies included in this
compendium can be found in the latest relevant published research
Target price history table(s)
BorgWarner Inc. (BWA) Jabil Circuit Inc. (JBL)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
12-Feb-26 18-Mar-26
31-Oct-25 15-Jan-26
29-Sep-25 17-Dec-25
01-Aug-25 25-Nov-25
11-Jul-25 25-Sep-25
08-May-25 11-Jul-25
10-Apr-25 18-Jun-25
16-Jan-25 09-Jun-25
10-Dec-24 12-May-25
01-Oct-24 10-Apr-25
31-Jul-24 21-Mar-25
02-May-24 23-Feb-25
08-Feb-24 18-Dec-24
03-Jan-24 10-Dec-24
02-Nov-23 30-Sep-24
14-Jul-23 20-Jun-24
07-Jun-23 21-May-24
04-May-23 18-Mar-24
04-Mar-24
26-Jan-24
14-Jul-23
16-Jun-23
Sensata Technologies Holding (ST) Innoviz Technologies (INVZ)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
20-Feb-26 26-Feb-26
29-Oct-25 25-Nov-25
29-Sep-25 29-Sep-25
30-Jul-25 11-Jul-25
11-Jul-25 15-May-25
09-May-25 10-Apr-25
10-Apr-25 28-Feb-25
12-Feb-25 10-Jan-25
16-Jan-25 14-Nov-24
05-Nov-24 10-Jul-24
01-Oct-24 08-May-24
30-Apr-24 24-Jan-24
09-Apr-24 31-Aug-23
06-Feb-24
31-Oct-23
26-Jul-23
26-Apr-23
Lear Corp. (LEA) Visteon Corp. (VC)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
05-Feb-26 20-Feb-26
15-Jan-26 15-Jan-26
03-Nov-25 09-Dec-25
29-Sep-25 23-Oct-25
28-Jul-25 29-Sep-25
11-Jul-25 25-Jul-25
06-May-25 11-Jul-25
10-Apr-25 24-Apr-25
07-Feb-25 10-Apr-25
13 April 2026 21
Goldman Sachs US Autos & Industrial Tech
Lear Corp. (LEA) Visteon Corp. (VC)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
16-Jan-25 18-Feb-25
10-Dec-24 16-Jan-25
24-Oct-24 10-Dec-24
01-Oct-24 24-Oct-24
25-Jul-24 01-Oct-24
10-Jul-24 25-Jul-24
01-May-24 10-Jul-24
07-Feb-24 20-Feb-24
03-Jan-24 03-Jan-24
27-Oct-23 27-Oct-23
02-Aug-23
Cerence Inc. (CRNC) TE Connectivity Plc (TEL)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
06-Feb-26 21-Jan-26
20-Nov-25 15-Jan-26
07-Aug-25 09-Dec-25
08-May-25 29-Oct-25
10-Apr-25 29-Sep-25
16-Jan-25 23-Jul-25
22-Nov-24 11-Jul-25
01-Oct-24 12-May-25
10-Jul-24 24-Apr-25
10-May-24 10-Apr-25
28-Nov-23 30-Oct-24
09-May-23 01-Oct-24
25-Jul-24
10-Jul-24
24-Apr-24
01-Nov-23
14-Jul-23
Rivian Automotive Inc. (RIVN) Flex (FLEX)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
02-Apr-26 05-Feb-26
13-Feb-26 09-Dec-25
02-Jan-26 25-Nov-25
12-Dec-25 29-Oct-25
05-Nov-25 29-Sep-25
29-Sep-25 24-Jul-25
06-Aug-25 11-Jul-25
11-Jul-25 09-Jun-25
12-May-25 12-May-25
07-May-25 08-May-25
10-Apr-25 10-Apr-25
06-Jan-25 23-Feb-25
10-Dec-24 29-Jan-25
13-Nov-24 25-Nov-24
08-Nov-24 30-Oct-24
07-Oct-24 25-Jul-24
07-Aug-24 18-Jun-24
01-Jul-24 02-May-24
09-Apr-24 04-Mar-24
22-Feb-24 01-Feb-24
24-Jan-24 24-Jan-24
03-Jan-24 26-Oct-23
04-Dec-23 27-Jul-23
08-Nov-23 14-Jul-23
13 April 2026 22
Goldman Sachs US Autos & Industrial Tech
Tesla Inc. (TSLA) Aurora Innovation Inc. (AUR)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
02-Apr-26 25-Nov-25
Rivian Automotive Inc. (RIVN) Flex (FLEX)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
09-Aug-23
06-Jul-23
10-May-23
Vertiv Holdings (VRT) Aptiv Plc (APTV)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
12-Feb-26 16-Jan-25
09-Dec-25 10-Dec-24
22-Oct-25 01-Nov-24
29-Sep-25 01-Oct-24
30-Jul-25 01-Aug-24
11-Jul-25 10-Jul-24
09-Jun-25 31-Jan-24
12-May-25 03-Jan-24
24-Apr-25 02-Nov-23
10-Apr-25 02-Oct-23
13-Feb-25 14-Aug-23
19-Nov-24 10-Aug-23
23-Oct-24 03-Aug-23
14-Oct-24
25-Jul-24
16-May-24
25-Apr-24
09-Apr-24
22-Feb-24
03-Jan-24
30-Nov-23
26-Oct-23
05-Sep-23
03-Aug-23
14-Jul-23
27-Apr-23
General Motors Co. (GM) Gentex Corp. (GNTX)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
27-Jan-26 02-Feb-26
15-Jan-26 09-Dec-25
09-Dec-25 24-Oct-25
21-Oct-25 29-Sep-25
29-Sep-25 28-Jul-25
11-Jul-25 11-Jul-25
01-May-25 12-May-25
10-Apr-25 10-Apr-25
28-Feb-25 16-Jan-25
16-Jan-25 25-Oct-24
22-Oct-24 01-Oct-24
01-Oct-24 29-Jul-24
23-Jul-24 26-Jan-24
24-Apr-24 27-Oct-23
30-Jan-24 31-Jul-23
30-Nov-23 28-Apr-23
25-Oct-23
02-Oct-23
14-Jul-23
13 April 2026 23
Goldman Sachs US Autos & Industrial Tech
Tesla Inc. (TSLA) Aurora Innovation Inc. (AUR)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
29-Jan-26 31-Jul-25
02-Jan-26 09-May-25
23-Oct-25 10-Apr-25
03-Oct-25 13-Feb-25
17-Sep-25 04-Nov-24
24-Jul-25 03-Jan-24
11-Jul-25 02-Nov-23
03-Jul-25 02-Oct-23
06-Jun-25 04-Aug-23
12-May-25
23-Apr-25
10-Apr-25
03-Apr-25
05-Mar-25
10-Dec-24
24-Oct-24
24-Jul-24
10-Jul-24
09-Apr-24
18-Mar-24
25-Jan-24
03-Jan-24
19-Oct-23
02-Oct-23
03-Jul-23
26-Jun-23
20-Apr-23
Keysight Technologies Inc. (KEYS) Mobileye Global Inc. (MBLY)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
24-Feb-26 22-Jan-26
15-Jan-26 25-Nov-25
09-Dec-25 29-Sep-25
25-Nov-25 11-Jul-25
12-Nov-25 10-Apr-25
20-Aug-25 23-Feb-25
21-May-25 30-Jan-25
10-Apr-25 10-Dec-24
26-Feb-25 01-Nov-24
20-Nov-24 01-Oct-24
21-Aug-24 01-Aug-24
21-May-24 10-Jul-24
21-Feb-24 04-Jan-24
03-Jan-24 27-Oct-23
21-Nov-23 28-Jul-23
05-Sep-23 14-Jul-23
18-Aug-23
17-May-23
Ford Motor Co. (F) Magna International Inc. ()
Date of report Target price ($) Closing price ($) Date of report Target price (C$) Closing price (C$)
11-Feb-26 16-Feb-26
16-Dec-25 15-Jan-26
09-Dec-25 03-Nov-25
29-Sep-25 29-Sep-25
11-Jul-25 01-Aug-25
06-May-25 11-Jul-25
10-Apr-25 02-May-25
13 April 2026 24
Goldman Sachs US Autos & Industrial Tech
Ford Motor Co. (F) Magna International Inc. ()
Date of report Target price ($) Closing price ($) Date of report Target price (C$) Closing price (C$)
16-Jan-25 10-Apr-25
29-Oct-24 18-Feb-25
01-Oct-24 16-Jan-25
25-Jul-24 10-Dec-24
09-Apr-24 01-Nov-24
07-Feb-24 01-Oct-24
01-Dec-23 10-Jul-24
27-Oct-23 03-May-24
02-Oct-23 09-Apr-24
14-Jul-23 09-Feb-24
03-Jan-24
03-Nov-23
04-Aug-23
08-May-23
QuantumScape Corp. (QS) Symbotic Inc. (SYM)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
24-Jul-25 05-Feb-26
25-Apr-25 15-Jan-26
10-Apr-25 20-Aug-25
10-Dec-24 08-Aug-25
01-Nov-23 10-Apr-25
02-Oct-23 06-Feb-25
31-Jul-23 03-Dec-24
25-Nov-24
31-Jul-24
10-Jul-24
07-May-24
06-Feb-24
03-Jan-24
21-Nov-23
02-Oct-23
05-Sep-23
02-Aug-23
14-Jul-23
23-May-23
02-May-23
Amphenol Corp. (APH) Magna International Inc. (MGA)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
29-Jan-26 16-Feb-26
15-Jan-26 15-Jan-26
09-Dec-25 03-Nov-25
25-Nov-25 29-Sep-25
23-Oct-25 01-Aug-25
29-Sep-25 11-Jul-25
24-Jul-25 10-Apr-25
11-Jul-25 18-Feb-25
09-Jun-25 16-Jan-25
12-May-25 10-Dec-24
24-Apr-25 01-Nov-24
10-Apr-25 01-Oct-24
23-Jan-25 02-Aug-24
23-Oct-24 10-Jul-24
25-Jul-24 03-May-24
18-Jun-24 09-Apr-24
16-May-24 03-Jan-24
25-Apr-24 03-Nov-23
13 April 2026 25
Goldman Sachs US Autos & Industrial Tech
Belden Inc. (BDC)
Price targets shown in table(s) are unadjusted for corporate actions.
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Amphenol Corp. (APH) Magna International Inc. (MGA)
Date of report Target price ($) Closing price ($) Date of report Target price ($) Closing price ($)
09-Apr-24 04-Aug-23
24-Jan-24 08-May-23
03-Jan-24
26-Oct-23
27-Jul-23
14-Jul-23
27-Apr-23
Date of report Target price ($) Closing price ($)
12-Feb-26
30-Oct-25
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16-Sep-24
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13 April 2026 26
Goldman Sachs US Autos & Industrial Tech
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