Goldman Sachs has raised its price target for StepStone Group to $93.00 from $90.00 while maintaining a Buy recommendation on the stock. The revised target equates to an approximately 57% upside from StepStone’s latest share price of $59.17.
The bank pointed to strength in StepStone’s Private Wealth franchise as a principal justification for the change. That business line now oversees $16 billion in assets, and Goldman noted that StepStone’s management expects quarterly subscriptions from the segment to exceed $2 billion.
Goldman also cited the firm’s upcoming flagship fundraising cycle, which will focus on secondaries and co-investment strategies, together with the company’s reported $32 billion in available capital, as further contributors to a more positive outlook.
On key operating assumptions, Goldman Sachs raised its projection for management fee growth to 29% in 2026 and forecast fee-related earnings growth of 23% for the same year. The firm also adjusted its calendar-year earnings per share estimates modestly higher: to $2.49 for 2026 (from $2.48), $3.31 for 2027 (from $3.20), and $4.16 for 2028 (from $3.97).
Market valuation context in analyst coverage shows a range of price targets from $67 to $105, and a Fair Value assessment indicates StepStone may be trading below intrinsic value based on the available analyst inputs.
Recent company financials underscore why analysts are parsing both adjusted and GAAP measures. For the third quarter of fiscal 2026, StepStone reported adjusted net income of $80 million, or $0.65 per share, up from $53 million, or $0.44 per share, in the prior year period. At the same time, the company recorded a GAAP net loss of $123 million, or $1.55 per share. The contrast between adjusted profitability and the GAAP loss was highlighted in commentary accompanying the results.
These figures underpin a mixed picture: improved adjusted earnings and fee-related results, set against GAAP-level losses that may reflect items outside core fee generation. Investors and analysts will likely weigh subscription inflows, fundraises and available capital alongside the company’s accounting results as they assess StepStone’s financial trajectory.
Context and implications
- Goldman’s target increase is driven by tangible growth in Private Wealth assets and expected subscription momentum.
- Fundraising activity and the firm’s large pool of available capital are central to revenue and earnings upside assumptions.
- Adjusted earnings improved year-over-year, while GAAP results showed a loss, creating areas of focus for stakeholders.
Overall, the analyst update reflects confidence in StepStone’s fee-generating prospects and fundraising bandwidth, while the GAAP-adjusted gap remains an uncertainty for some market participants.