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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