Goldman Sachs updated its U.S. and European conviction lists for September, adding several new names as it refreshed its highest-conviction ideas heading into the autumn. ^[1] Goldman Sachs added Adyen, RWE, and Talanx to its European Conviction List Directors Cut list, which tracks the bank's buy-rated European equities. ^[2] Analyst Alberto Gandolfi expects RWE stock to re-rate as it shifts from a power generator to a vertically integrated powerhouse following its acquisition of a majority stake in Amprion. ^[3] Analyst Salveen Richter believes 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. ^[4] In the U.S., Goldman Sachs left its conviction list at 23 names after adding a large-cap biotech firm and removing other unspecified positions. ^[5] Goldman Sachs analyst Mohammed Moawalla said Adyen's integrated platform, new client ramps including the Toast partnership in the US and Shopify's European expansion, and tie-ups with OpenAI, Google, and Microsoft for agentic commerce will drive its upside. ^[6] Goldman Sachs sees 77% upside for Adyen, the largest call among the three additions. ^[7] Goldman Sachs set a 75 target for RWE, implying 28% upside, with analyst Alberto Gandolfi expecting grid spending and possible data center deals to lift valuation, also flagging stronger US renewable returns and potential LNG profits. ^[8]