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.