Goldman Sachs Adds 3 European Stocks to Conviction List

Goldman Sachs has added three shares to its European “Conviction List – Directors’ Cut” listing. The listing tracks the financial institution’s buy-rated European equities. 

The inclusions are the cost processing firm Adyen, the German vitality agency RWE, and the German insurer Talanx. All three arrive with completely different setups.

Adyen Draws the Biggest Upside Call

The financial institution sees 77% upside for Adyen, the most important name among the many three additions. Adyen closed at €1,006.80 on September 1, down 3.88% for the session. 

The Dutch cost processor sits roughly 37% underneath its 52-week high of €1,600.80. It additionally stays down practically 28% in 2026.

Analyst Mohammed Moawalla credit Adyen’s built-in platform for its edge. He factors to new consumer ramps, together with the Toast partnership within the US and Shopify’s European enlargement.

Goldman additionally expects Adyen to benefit from agentic commerce. The financial institution flagged tie-ups with OpenAI, Google, and Microsoft.

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RWE and Talanx Round Out the Additions

Next, RWE closed at €58.58 on September 1 and has gained roughly 30% up to now this yr. Goldman set a €75 goal, implying 28% upside. 

Analyst Alberto Gandolfi expects the grid spending and potential knowledge middle offers to raise the valuation. He additionally flagged stronger US renewable returns and potential LNG profits.

Lastly, Talanx carries a €141 goal,  representing 13% upside. The inventory traded close to €125, shut to a 2026 high. It has gained 12% yeat-to-date.

Analyst Andrew Baker described its Retail International arm, which sells insurance policies outdoors Germany, as an “underappreciated progress engine” and projected that premiums there would rise 8% to 10% yearly by way of 2030.

Goldman dropped Hannover Re, together with Enel, Wise, and Zalando from the listing. Two of Goldman’s three September calls lean on AI.

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