Goldman Sachs kicked off September with a sweeping refresh of its highest-conviction stock picks on both sides of the Atlantic, adding a large-cap biotech to its U.S. list and three European names spanning payments, energy and insurance.

The U.S. Conviction List now includes Vertex Pharmaceuticals (VRTX), while Interactive Brokers (IBKR) was removed, leaving 23 names. Across the Atlantic, the bank’s European Directors’ Cut list welcomed Dutch payment processor Adyen, German utility RWE and German insurer Talanx. Enel, Wise, Hannover Re and Zalando were dropped.

Analyst Salveen Richter said Vertex is “well-positioned for long-term growth as it executes against potentially up to five, multi-billion dollar opportunities” across cystic fibrosis, pain, kidney disease and hematology. The proposed acquisition of Crinetics Pharmaceuticals (CRNX) would add a fifth pillar in endocrinology, she noted. Other U.S. names on the list include Estée Lauder (EL), Wells Fargo (WFC), UnitedHealth (UNH), Delta Air Lines (DAL), ConocoPhillips (COP), Microsoft (MSFT) and Block (XYZ).

European Additions

The most aggressive call among the European inclusions is Adyen, where Goldman sees 77% upside. The stock closed at €1,006.80 on September 1, down 3.88% for the session and roughly 37% below its 52-week high of €1,600.80. It remains down nearly 28% in 2026.

Analyst Mohammed Moawalla pointed to the company’s integrated technology platform as a key differentiator, citing new client ramps including the Toast partnership in the U.S. and Shopify’s European expansion. He also flagged the rise of agentic AI-powered commerce, with Adyen’s tie-ups with OpenAI, Google and Microsoft positioning it to benefit. Recent acquisitions of loyalty specialist Talon.One and billing platform Orb could broaden its offering further.

For RWE, Goldman set a €75 target price, implying 28% upside from the September 1 close of €58.58. The stock has gained roughly 30% this year. Analyst Alberto Gandolfi expects the German energy firm to re-rate as it shifts “from a power generator to vertically integrated powerhouse,” anchored by grid investments and potential data center deals in Europe and the U.S. He also pointed to stronger U.S. renewable returns and potential profits from U.S. LNG.

Gandolfi highlighted emerging Central European capacity payments that could add €300-400 million (approximately $348-$464 million) in pre-tax profits by 2032-33. RWE’s increased 55% stake in German grid operator Amprion should make its earnings mix more regulated and predictable, with power networks expected to account for roughly one-third of group profits by 2029, up from 23% in 2025.

On RWE’s earnings trajectory, Gandolfi sits about 25% ahead of 2031 EPS guidance and consensus, forecasting roughly 17% annual EPS growth to 2031. He raised his price target by 6% and maintained a Buy rating, implying 27% upside.

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 the insurer’s Retail International arm, which sells policies outside Germany and accounts for 23% of profits, as an “underappreciated growth engine.” The unit operates in faster-growing, less-penetrated markets including Poland and Latin America, where Talanx is the second-largest player.

Baker projected gross written premiums in the division would rise 8% to 10% annually through 2030, compared with roughly 3% to 6% for developed-market peers. He 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.

What It Means for Investors

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. Two of the three European additions lean on AI-related tailwinds, with Adyen positioned around agentic commerce and RWE potentially benefiting from data center electricity demand.

The removal of Interactive Brokers from the U.S. list and Enel, Wise, Hannover Re and Zalando from the European list reflects a rotation toward names Goldman sees as having more compelling risk-reward profiles heading into the final months of the year.