Goldman Sachs has refreshed its conviction lists on both sides of the Atlantic for September, adding several new names as it updates its highest-conviction ideas heading into the autumn. In the U.S., the bank added Vertex Pharmaceuticals while removing Interactive Brokers, leaving the list at 23 names. The European additions include the payment processing company Adyen, the German energy firm RWE, and the German insurer Talanx. According to reports from Goldman Sachs, all three stocks arrive with different setups and investment profiles. The latest European list also includes Rheinmetall with a 109% upside call, Siemens, ASML Holding, HSBC, and CVC Capital Partners. The September refresh signals Goldman's conviction that select large-cap names with structural growth drivers can outperform even as markets enter a seasonally volatile period.
The bank sees 77% upside potential for Adyen, representing the largest call among the three additions. As reported by Goldman Sachs, the Dutch payment processor closed at €1,006.80 on September 1, down 3.88% for the session. The stock sits approximately 37% under its 52-week high of €1,600.80 and remains down nearly 28% in 2026. Analyst Mohammed Moawalla credits Adyen's integrated technology platform for its competitive edge, pointing to growth driven by new clients, including the ramp-up of its U.S. partnership with Toast and Shopify's European expansion. Goldman also expects Adyen to benefit from agentic AI-powered commerce, flagging partnerships with OpenAI, Google, and Microsoft. Recent acquisitions, including loyalty specialist Talon.One and billing platform Orb, could broaden its offering further. The bank's latest analysis puts Adyen 4% to 6% ahead of consensus on EBITDA for 2027 to 2029.
Next, RWE closed at €58.58 on September 1 and has gained roughly 30% so far this year, according to Goldman Sachs. The bank set a €75 target, implying 28% upside. Analyst Alberto Gandolfi expects the stock to re-rate as it shifts 'from a power generator to vertically integrated energy powerhouse', following its acquisition of a majority stake in Amprion. He sits around 25% ahead of 2031 EPS guidance and consensus, forecasting roughly 17% annual EPS growth to 2031. Goldman raised its price target 6% to a Buy with 27% upside, citing the company's strategic transformation and strong fundamentals. The bank highlighted stronger U.S. renewable returns and potential profits from U.S. LNG, as well as emerging Central European capacity payments which could add €300-400 million in pre-tax profits by 2023-24. RWE's increased 55% stake in German grid operator Amprion should make earnings more regulated and predictable, with power networks expected to account for roughly one-third of group profits by 2029, up from 23% in 2025.
Talanx carries a €141 target, representing 13% upside from its recent trading level near €125, close to a 2026 high. The stock has gained 12% year-to-date. Analyst Andrew Baker described its Retail International arm as an 'underappreciated growth engine' and projected that premiums there would rise 8% to 10% annually through 2030. The unit operates in faster-growing, less-penetrated insurance markets including Poland and Latin America, where Talanx is the second-largest player. Baker said gross written premiums in the unit are set to grow by 8-10% annually between 2026 and 2030, versus around 3-6% for developed-market peers, while maintaining underwriting discipline. Baker also flagged at least €5 billion (approximately $5.8 billion) of M&A capacity and Talanx's eventual inclusion in Germany's DAX index as additional catalysts. The insurer's lean cost base and €6 billion (approximately $6.9 billion) of resilience reserves can help sustain earnings growth even as pricing softens in its reinsurance and corporate-specialty units, according to Goldman.
