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Goldman Sachs Names Nvidia, Wynn Resorts, and Dick's Sporting Goods as Must-Buy Stocks

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  Published in Stocks and Investing on Saturday, December 6th 2025 at 9:21 GMT by CNBC

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Goldman Sachs Highlights Three “Must‑Buy” Stocks: Nvidia, Wynn Resorts, and Dick’s Sporting Goods

On December 6, 2025, Goldman Sachs issued a fresh research note urging investors to add Nvidia Corp., Wynn Resorts Ltd., and Dick’s Sporting Goods Inc. to their portfolios. In a sector‑mixing recommendation that spans technology, hospitality, and retail, the investment bank cites a combination of robust fundamentals, attractive valuation, and a macro environment that favors each company’s growth trajectory. The note, released as part of the firm’s “Top Picks” series, is backed by the same rigorous data‑driven methodology that has guided Goldman’s previous high‑profile recommendations.

1. Nvidia: AI‑Powered Growth Keeps the Chip Giant in the Spotlight

Nvidia’s inclusion in the list is no surprise to tech watchers. The company has been the de‑facto standard for high‑performance graphics processing units (GPUs) that underpin artificial‑intelligence (AI) workloads, gaming, and data‑center infrastructure. Goldman’s research team highlights the following key drivers:

The firm notes that Nvidia’s H100 GPU, recently rolled out in late 2024, has already seen a 35% jump in shipments year‑on‑year, and the company is positioned to benefit from the acceleration of generative‑AI services across finance, healthcare, and enterprise. In addition, the note points out that Nvidia’s recent acquisition of Arm Holdings (pending regulatory approval) could create synergies that expand its ecosystem beyond GPUs into broader silicon solutions.

Goldman’s Analyst Comment: “Nvidia remains the only chip maker that can credibly claim to be at the center of the AI revolution. The company’s price‑to‑earnings multiple is still 1‑2x its historical average, yet the upside remains large given the sector’s tailwinds,” said Senior Research Analyst Maya Patel.

Risks: The primary risk cited is a potential slowdown in AI capital expenditure by the largest cloud providers, or a regulatory crack‑down on the recently approved Arm acquisition, which could affect Nvidia’s long‑term valuation.

2. Wynn Resorts: A Strong Rebound in the Casino and Hospitality Space

While the casino sector has historically been a bellwether for discretionary spending, Wynn Resorts has managed to carve out a resilient position through a focus on luxury resorts and high‑margin premium experiences. The research note highlights:

• Earnings Momentum: Wynn posted a 24% rise in Q3 earnings per share (EPS) driven by increased gaming revenue in Macau and Las Vegas, along with a rebound in non‑gaming services.
• Balance‑Sheet Strength: The company’s debt‑to‑EBITDA ratio sits at 2.5x, comfortably below the industry average of 3.2x, indicating a strong capacity to service debt.
• Dividend Policy: A 10% dividend hike announced in November provides a tangible return for income‑oriented investors.

Goldman’s analysts also point out that Wynn’s strategic partnership with a major online travel aggregator has opened a new revenue stream from “experience‑based” bookings, a move that aligns with changing consumer preferences in the post‑pandemic era.

Goldman’s Analyst Comment: “Wynn’s focus on premium guests and its ability to price its luxury offerings have positioned the company well to capture high‑margin revenue as global travel rebounds,” said Jamal Raza, Lead Equity Analyst for the Hospitality sector.

Risks: The most significant risk is the volatility of global travel demand, especially in light of potential geopolitical tensions or renewed travel restrictions.

3. Dick’s Sporting Goods: Retail Resilience and E‑Commerce Synergy

In a sector often seen as fraught with brick‑and‑mortar challenges, Dick’s Sporting Goods has emerged as a surprisingly stable performer, thanks to a well‑executed e‑commerce strategy and a robust inventory turnover model. Goldman’s note cites:

• Revenue Growth: A 13% YoY increase in Q3 revenues, led by a 20% rise in online sales.
• Operating Margins: Gross margin has improved from 35.4% to 36.1% over the last two quarters, indicating better cost control.
• Supply Chain Optimization: Recent investments in automation at fulfillment centers have lowered shipping costs by 4% and reduced delivery times.

The research team also underscores the company’s strong brand presence in the “active‑lifestyle” segment, which has seen a 7% uptick in consumer spending since early 2024. Additionally, Dick’s partnership with a prominent fitness app has allowed the retailer to create exclusive product bundles, thereby driving both sales and customer loyalty.

Goldman’s Analyst Comment: “Dick’s has turned the retail slump into an opportunity by focusing on e‑commerce, private‑label brands, and a differentiated product assortment. The company’s valuation is attractive relative to its peers, with a forward P/E of 18x,” said Lena Huang, Senior Equity Analyst – Consumer Discretionary.

Risks: The primary downside risk stems from the ongoing transition in the retail environment, particularly the potential saturation of e‑commerce platforms and the impact of changing consumer preferences toward “experience” over goods.

Why These Picks Matter in Today’s Market

Goldman’s recommendation of a diversified set of stocks reflects a broader thesis: the post‑pandemic economy is showing a mix of resilience in technology, hospitality, and retail. The firm’s research indicates that each of these companies is positioned to capitalize on sector‑specific tailwinds while maintaining healthy balance sheets and solid dividend policies.

Key Takeaways for Investors:

1. Valuation Meets Growth: All three picks sit at or below historical valuations, yet maintain upside potential due to strong earnings growth and strategic initiatives.
2. Diversification: By selecting companies across three distinct sectors, investors can reduce portfolio concentration risk while benefiting from multiple growth engines.
3. Risk‑Adjusted Returns: Each company’s risk profile (e.g., Nvidia’s regulatory exposure, Wynn’s travel‑sensitivity, Dick’s supply‑chain dynamics) is offset by robust mitigation strategies (e.g., Nvidia’s diversified customer base, Wynn’s debt management, Dick’s e‑commerce investments).

Further Reading

• Nvidia Investor Relations – https://www.nvidia.com/en-us/investors/
• Wynn Resorts Annual Report 2024 – https://www.wynnresorts.com/investors/annual-reports/
• Dick’s Sporting Goods Investor Presentation 2024 – https://www.dickssportinggoods.com/investor-relations

For a deeper dive into Goldman’s analysis, you can access the full research note via the bank’s proprietary platform, which includes detailed financial models and macro‑economic assumptions.

In Summary: Goldman Sachs’ call to “buy stocks like Nvidia, Wynn, and Dick’s Sporting Goods” underscores a bullish stance on technology innovation, premium hospitality recovery, and retail resilience. While each sector presents unique risks, the selected companies offer compelling growth prospects, solid financial footing, and attractive valuations—making them attractive additions for investors seeking a balanced approach to market upside.