Stock Markets September 1, 2026 12:56 PM

Goldman Sachs updates high-conviction stock lists in U.S. and Europe ahead of autumn

Bank swaps names on both sides of the Atlantic, highlighting new picks in biotech, utilities and payments

By Marcus Reed
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Goldman Sachs refreshed its conviction lists for September, adding and removing several stocks in the U.S. and Europe. In the U.S., Vertex Pharmaceuticals was added while Interactive Brokers was removed, keeping the U.S. list at 23 names. In Europe, RWE, Adyen and Talanx were added as Enel, Wise, Hannover Re and Zalando were taken off. Analysts cited growth opportunities and strategic shifts as drivers behind the changes.

Goldman Sachs updates high-conviction stock lists in U.S. and Europe ahead of autumn
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Key Points

  • Goldman Sachs refreshed its U.S. and European conviction lists for September, adding and removing several stocks.
  • In the U.S., Vertex Pharmaceuticals was added and Interactive Brokers was removed, with the U.S. list totaling 23 names; the list also includes Estée Lauder, Wells Fargo, UnitedHealth, Delta Air Lines, ConocoPhillips, Microsoft and Block.
  • In Europe, Goldman added RWE, Adyen and Talanx, and removed Enel, Wise, Hannover Re and Zalando; analysts cited strategic shifts at RWE and Adyen's differentiated technology as reasons for inclusion.

Goldman Sachs revised its highest-conviction stock lists for September, making a number of additions and removals across its U.S. and European lineups as the firm refreshed its top ideas heading into the autumn.

In the U.S. roster, Goldman added Vertex Pharmaceuticals and removed Interactive Brokers, leaving the U.S. conviction list at 23 names.

Analyst Salveen Richter said the large-cap biotech is "well-positioned for long-term growth as it executes against potentially up to five, multi-billion dollar opportunities" spanning cystic fibrosis, pain, kidney disease and hematology, with a proposed acquisition of Crinetics establishing a fifth pillar in endocrinology.

Other U.S. companies on the conviction list include Estée Lauder, Wells Fargo, UnitedHealth, Delta Air Lines, ConocoPhillips, Microsoft and Block.

On the European side, Goldman added RWE, Adyen and Talanx to its conviction list and removed Enel, Wise, Hannover Re and Zalando.

Regarding RWE, analyst Alberto Gandolfi said he expects the stock to re-rate as it shifts "from a power generator to vertically integrated powerhouse," following its acquisition of a majority stake in Amprion. Gandolfi sits around 25% ahead of 2031 EPS guidance and consensus, forecasting roughly 17% annual EPS growth to 2031, and raised his price target 6% to a Buy with 27% upside.

Goldman said Adyen's technology stack remains a key differentiator, putting the bank 4% to 6% ahead of consensus on EBITDA for 2027 to 2029, while Talanx's Retail International division is an underappreciated growth driver.


The moves illustrate how Goldman is recalibrating its highest-conviction ideas across sectors. In the U.S., the change highlights the bank's continued interest in large-cap biotech alongside established names in financials, healthcare, energy and technology. In Europe, the additions underline a focus on companies undergoing strategic transitions or possessing differentiated technology platforms.

Market participants will watch how these conviction-list adjustments affect sentiment and flows into the named stocks, as Goldman positions its highest-conviction recommendations for the coming months.

Risks

  • Analyst forecasts may diverge from market consensus - Alberto Gandolfi is noted as sitting around 25% ahead of 2031 EPS guidance and consensus, indicating potential forecast variance that could affect RWE's outlook (impacts utilities and energy sectors).
  • Conviction-list turnover creates uncertainty for investors tracking bank-led recommendations - removals such as Interactive Brokers, Enel, Wise, Hannover Re and Zalando illustrate that top convictions can change (impacts financials, utilities, payments and retail sectors).
  • Projected outperformance versus consensus carries execution risk - Goldman projects being 4% to 6% ahead of consensus on Adyen's EBITDA for 2027-2029, which depends on outcomes matching the bank's assumptions (impacts payments and technology sectors).

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