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 banks 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. Adyen Stock Performance. Source: Google Finance Analyst Mohammed Moawalla credits Adyens integrated platform for its edge. He points to new client ramps, including the Toast partnership in the US and Shopifys European expansion. Goldman also expects Adyen to benefit from agentic commerce. The bank flagged tie-ups with OpenAI, Google, and Microsoft. 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 Goldmans three September calls lean on AI.