As the new year approaches, Goldman Sachs traders are seeing another year of gains ahead for technology stocks. In a Tuesday email, Goldman’s trading desk noted that 2025 is shaping up to be another solid year for the tech sector, with the Nasdaq 100 index up about 22% in the period. The traders believe that this rally should continue into the new year. “I think the return profile for the NDX should (again) be ‘solid’ next year — though, it wouldn’t surprise me if returns were more 1H weighted,” wrote Goldman’s technology, media and telecommunications sector specialist Peter Callahan. He added that the tech-heavy index has been consolidating for a few months, but potential unknowns await in the second half of 2026, including jobs growth, midterm elections and a possibly weaker U.S. economy. In the same email, Callahan shared a basket of “fallen angels” — stocks across the technology and growth technology cohorts that could be worth a look. These names, he wrote, are once-loved stocks that are now out of favor and well off their highs: One name on Callahan’s list was online gaming platform Roblox , up 40% this year. Earlier this month, Morgan Stanley reiterated its overweight rating on the name in light of increasing concerns from investors about the platform’s age verification system. “Early data on RBLX’s new age verification system shows no engagement headwinds. So far user growth in test markets is actually in-line or above peers,” Morgan Stanley analyst Matthew Cost wrote. “If that continues, RBLX could cement its reputation as an innovator in user safety/privacy and turn an area of investor concern into a strength.” Morgan Stanley’s $170 price target suggests that the stock could more than double from its Tuesday close of $80.99. Goldman’s Callahan also highlighted card operators Visa and Mastercard as stocks to watch. Shares have respectively climbed about 12% and nearly 10% this year. In December, Evercore ISI added the names to its tactical outperform list. “As the premier names in the fintech space, V and MA have really done everything expected of them in 2025 with their quarterly operating results, positioning for future growth, and outlooks — yet the stocks have underperformed all year with the most common reason cited was that they were a source of funds,” wrote Evercore analyst Adam Frisch. “We are adding both V and MA to our TAP list as Outperforms heading into year-end and into the 4Q earnings season.” Frisch’s $380 price target for Visa represents upside of almost 8% from Tuesday’s close. He sees upside of nearly 6% to his $610 price forecast for Mastercard. Another “fallen angel” stock was food ordering and delivery platform DoorDash , up roughly 39% this year. Last week, Citi named the stock as one of its top picks for 2026. “DASH is one of our top picks given our view that Order Growth can continue to accelerate across its core markets (particularly in the U.S.) given greater user adoption … and progress across newer verticals, like Grocery,” wrote analyst Ron Josey. “Key here, we believe DASH can deliver mid-to-high teens U.S. and Core order growth.” Josey’s $283 price target implies that shares could climb 22% from Tuesday’s close.
