The new quarter could be an especially strong one for certain stocks like athletic retailer Nike , according to Goldman Sachs. Tariff uncertainty under a second Trump administration has already shaken up markets this year. This heightened trepidation has been exacerbated by renewed fears over stubborn inflation and, subsequently, the Federal Reserve’s rate cut path in 2025. Despite this overwhelmingly volatile backdrop, Goldman Sachs believes that some names will still come out on top. Earlier this week, the bank picked its top U.S. long and short ideas for the first quarter of 2025, which included the following names: One recurring name on Goldman’s list was Nike, which sells athletic footwear and clothing. Shares of Nike have already slipped more than 5% in 2025, following a 30% plunge in 2024. However, Goldman now believes that the company can turn things around as demand recovers alongside profitability. The bank’s $91 price target implies that shares could rise approximately 26% from their current level. “Our bullish view on NKE is driven by 1) product innovation to support brand momentum, 2) traffic trend recovery and 3) potential margin improvement as pricing is strong,” Goldman wrote. Uber was a new addition to Goldman’s list of top ideas. The ridesharing app has surged about 9% already in 2025, despite a lackluster performance last year that saw shares end 2% lower. However, Goldman Sachs called this underperformance “unjustified” due to overdone autonomous vehicle concerns. Meanwhile, a well-positioned product portfolio and growth from on-demand groceries will serve as catalysts going forward. Goldman’s $96 price target corresponds to a roughly 45% upside for shares of Uber. Goldman also added Capital One to its top ideas basket. The bank has risen 1% so far in 2025, adding onto its 36% rally last year. However, Goldman’s price target of $205 implies that shares could climb yet another 13%. “Our bullish view on Capital One is driven by 1) upcoming DFS deal closure, 2) credit landscape improving and 3) a healthy consumer finance sector outlook in 2025,” the bank wrote. Last month, Capital One said it anticipates its $35.3 billion aquisition of Discover Financial Services to close early this year. On the other hand, automobile manufacturer Ford made its way onto Goldman’s list of short ideas. Still, Goldman’s $12 price target is about 23% above Ford’s Tuesday closing price of $9.76. The bank cited structural electric vehicle challenges as a long-term obstacle. Compounding this headwind are near-term pressures from policy risks. “The appointment of Elon Musk to DOGE represents risk of policy steps to prevent the EV cost curve coming down (in order to maintain TSLA leadership) which reduces Ford’s opportunity to turn around EV profitability,” Goldman warned. “Ford has previously identified ~$7 bn in higher costs compared to its peers, driven by areas including warranty, materials, and labor. The sales desk lack confidence the company can narrow this gap.” Shares of Ford have slipped 3% this year. The stock ended 2024 down 19%.
Goldman’s top trades for the first quarter including long Nike and short Ford