If you want some exposure to the sky-high gold price, then it could be worth hearing what Goldman Sachs is saying about the ASX stocks in this article.

It has just named three ASX gold stocks as buys and downgraded two others.

Which ASX gold stocks have been named as buys?

The first ASX gold stock to buy according to Goldman Sachs is Bellevue Gold Ltd (ASX: BGL). It has put a buy rating and $1.80 price target on its shares. This implies potential upside of 38% for investors over the next 12 months from current levels.

It also remains very positive on De Grey Mining Limited (ASX: DEG). It has a buy rating and $1.65 price target on this gold developer's shares. This suggests that upside of 20% is possible for investors buying at today's price.

The third ASX gold stock to buy according to the broker is Gold Road Resources Ltd (ASX: GOR). It has a buy rating and $2.25 price target on this gold miner's shares. This implies potential upside of 29% for investors between now and this time next year.

Goldman highlights that it sees more value in the mid cap space at the moment, hence its buy ratings on these shares. It commented:

In the mid-caps, we prefer GOR (Buy) as a relatively capex-light and fully unhedged beneficiary of rising gold prices, with optionality around their stake in DEG (Buy), which itself continues to look attractive into rising medium-term gold prices. We continue to expect BGL (Buy) to be net cash by the end of FY25, with strong FCF/oz & yields into FY26E. While CMM's (Neutral) Karlawinda expansion study looks positive, uncertainty on Mt. Gibson timing and relative valuation keep us from getting more positive.

Which was downgraded?

One ASX gold stock that has copped a downgrade today is Evolution Mining Ltd (ASX: EVN). The broker has downgraded the gold miner's shares to a neutral rating with a $4.55 price target. This is just a touch below where its shares trade today.

It made the move after a strong run led to its shares looking fully valued. Goldman explains:

With EVN's recent outperformance, we see more limited near-term catalysts for the stock (on our gold/copper outlook), with valuations (FCF yields & P/NAV) now more aligned to peers, and downgrade EVN to Neutral.

Finally, the broker has downgraded Regis Resources Ltd (ASX: RRL) shares to a sell rating with a $1.95 price target. It said:

While we like the near-term cash generation of RRL's unhedged portfolio, following recent outperformance despite the unfavorable declaration on the McPhillamys gold project, we downgrade to Sell on a relative valuation premium vs. peers.