Goldman Sachs Adds 3 European Stocks to Conviction List

Goldman Sachs has added three stocks to its European “Conviction List – Directors’ Cut” list. The list tracks the bank’s buy-rated European equities. 

The inclusions are the payment processing company Adyen, the German energy firm RWE, and the German insurer Talanx. All three arrive with different setups.

Adyen Draws the Biggest Upside Call

The bank sees 77% upside for Adyen, the largest call among the three additions. Adyen closed at €1,006.80 on September 1, down 3.88% for the session. 

The Dutch payment processor sits roughly 37% under its 52-week high of €1,600.80. It also remains down nearly 28% in 2026.

Analyst Mohammed Moawalla credits Adyen’s integrated platform for its edge. He points to new client ramps, including the Toast partnership in the US and Shopify’s European expansion.

Goldman also expects Adyen to benefit from agentic commerce. The bank 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% so far this year. Goldman set a €75 target, implying 28% upside. 

Analyst Alberto Gandolfi expects the grid spending and possible data center deals to lift the valuation. He also flagged stronger US renewable returns and potential LNG profits.

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

Analyst Andrew Baker described its Retail International arm, which sells policies outside Germany, as an “underappreciated growth engine” and projected that premiums there would rise 8% to 10% annually through 2030.

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

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