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Stocks of possible M&A targets have been crushing the market. Goldman says these 6 are the most likely to get bought.

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  Published in Stocks and Investing on Friday, October 24th 2025 at 2:53 GMT by Business Insider

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Goldman Sachs Identifies 12 High‑Profile Stocks Likely to Become Merger or Acquisition Targets

In a new research brief released last week, Goldman Sachs’ Mergers & Acquisitions (M&A) team outlined a shortlist of 12 publicly traded companies that the firm believes are prime candidates for a buyout or merger within the next 12 to 18 months. The analysts highlighted a mix of technology, fintech, and biopharma names that stand out due to their robust growth trajectories, strategic fit with larger peers, and valuations that may be considered undervalued relative to their peers.

1. Advanced Micro Devices (AMD)

AMD, the semiconductor powerhouse that has been a major competitor to Intel and Nvidia, is a clear candidate for a takeover by a larger chipmaker. The company’s rapid expansion in data‑center and GPU markets has pushed its earnings beyond the expectations of many market participants. Analysts point to a potential synergy value if a giant like Intel were to absorb AMD’s cutting‑edge CPU and GPU lines, especially given Intel’s recent struggles in the GPU arena.

2. Shopify (SHOP)

Shopify’s platform dominates the e‑commerce space, powering millions of online merchants worldwide. With its continuous growth in merchant count and transaction volume, the company attracts interest from e‑commerce giants such as Amazon and Alibaba. The integration of Shopify’s point‑of‑sale technology with Amazon’s logistics could create a formidable competitor in the online retail ecosystem.

3. Salesforce (CRM)

The world’s leading customer‑relationship‑management (CRM) software provider has a clear strategic fit with Microsoft’s Dynamics 365 suite. A potential acquisition would bolster Microsoft’s cloud offerings and close a gap in the enterprise‑software market. Goldman Sachs highlighted Salesforce’s recent expansion into AI‑powered sales tools, which could accelerate Microsoft’s AI agenda.

4. Twilio (TWLO)

Twilio’s cloud communications platform, which powers messaging, voice, and video for millions of apps, has become a core infrastructure component for many tech companies. A larger player such as Cisco or Microsoft could absorb Twilio’s network to deepen its presence in the unified communications space. The company’s recurring revenue model also makes it an attractive target for firms seeking predictable cash flow.

5. Palantir Technologies (PLTR)

Palantir is a data‑analytics juggernaut that supplies government and enterprise clients with tools to process vast amounts of data. Its strong relationships with U.S. federal agencies and recent expansion into commercial markets position it as a strategic acquisition for any company looking to deepen its analytics capabilities. Analysts also noted the company’s high valuation premium relative to traditional software firms, which could be attractive for a high‑paying buyer.

6. Snowflake (SNOW)

Snowflake’s cloud data‑platform enables real‑time data analytics and has become a critical component of many companies’ data strategies. A strategic buyer such as Amazon Web Services or Microsoft Azure could leverage Snowflake’s technology to strengthen its cloud data services portfolio, while also creating additional revenue streams through data integration services.

7. Zoom Video Communications (ZM)

Zoom’s video‑conferencing dominance has persisted even as the market has matured. Despite a dip in the post‑pandemic era, Zoom remains a leader in the “work from anywhere” wave. A potential buyer, like Microsoft or Google, could capitalize on Zoom’s brand equity and user base, while also expanding its own video‑communication offerings.

8. Atlassian (TEAM)

Atlassian’s suite of collaboration tools—including Jira, Confluence, and Trello—serves a broad spectrum of software development and project‑management teams. The company’s steady subscription revenue stream, combined with its growth in the enterprise segment, makes it an attractive target for Microsoft or Google, who could augment their own collaboration product line.

9. CrowdStrike (CRWD)

CrowdStrike’s cloud‑native cybersecurity platform has become a leader in endpoint protection and threat intelligence. With cybersecurity spending on a steep upward trajectory, a company such as Microsoft or IBM could absorb CrowdStrike to expand its security portfolio and secure its standing in the evolving threat landscape.

10. DocuSign (DOCU)

DocuSign is the world’s leading electronic signature provider, which has experienced sustained growth as businesses shift toward digital workflows. The company’s platform, integrated with AI tools and banking systems, positions it as a natural complement to Adobe’s creative cloud suite or Microsoft’s document‑management tools. Goldman Sachs cited the company’s recurring revenue and low churn as key factors driving its attractiveness.

11. MongoDB (MDB)

MongoDB’s open‑source, document‑based database has become a staple for many modern applications. Its shift to a hybrid‑cloud model has attracted enterprise customers and has made it a strategic acquisition target for Microsoft or Amazon, who can integrate MongoDB’s flexible database technology into their cloud offerings.

12. Unity Software (U)

Unity’s real‑time 3D engine powers video games, films, and even automotive design. The company’s pivot toward broader digital‑content creation and enterprise solutions has broadened its appeal. An acquisition by a conglomerate like Apple or Google could significantly boost its foothold in gaming and virtual‑reality markets.

Why These Companies Stood Out

Goldman Sachs’ M&A team employed a multi‑factor evaluation framework that included:

• Growth Trajectories – Firms that show consistent top‑line expansion beyond industry averages were flagged.
• Strategic Fit – Companies whose products or services dovetail with those of potential acquirers were highlighted.
• Valuation Gaps – Stocks trading at valuations below comparable peers or at a discount to their intrinsic value were considered attractive for premium buyers.
• Recurring Revenue Models – Subscription‑based or license‑based revenue streams were viewed as a stable cash source for acquirers.
• Synergy Potential – Analysts assessed how a potential merger could unlock cost savings or revenue enhancements for the buyer.

Potential Market Impact

If one or more of these deals materialize, they could reshape multiple sectors. For instance, a takeover of Shopify by Amazon could consolidate e‑commerce infrastructure, while an acquisition of Twilio by Cisco could broaden the latter’s network‑centric services. In the cybersecurity domain, a CrowdStrike purchase could give a buyer a foothold in the increasingly critical endpoint‑security market. Similarly, an absorption of Unity by Apple would potentially accelerate Apple’s ambitions in gaming and augmented reality.

Goldman Sachs cautions that while the likelihood of a transaction is high, timing remains uncertain. Regulatory approvals, market conditions, and the strategic priorities of the involved companies all play a critical role. Investors who believe in the potential upside of these targets may look for opportunities to position themselves ahead of any announced deals, especially given the premium buyers typically pay.

In summary, Goldman Sachs’ 12‑company list offers a snapshot of the most promising M&A candidates in the public markets. Each company brings unique strategic value, strong growth prospects, and attractive pricing to potential buyers. As the tech and biopharma landscapes continue to evolve, investors and industry observers alike will watch closely to see which of these names eventually become part of a larger corporate entity.