Goldman Sachs has added three stocks to its European conviction list for September: Adyen, RWE and Talanx. Adyen, the Amsterdam-headquartered Dutch electronic payments processor, offers 77% upside potential according to Goldman, driven by new clients including Toast and Shopify’s European expansion, as well as AI partnerships. RWE, the German energy group, targets 28% upside to 75 euros per share, benefiting from its transition to a vertically integrated energy powerhouse with potential data center contracts and Central European capacity payments estimated at 300-400 million euros in pre-tax profits by 2032-33. Talanx, the German insurer, shows 13% upside to 141 euros, supported by a lean cost base, 6 billion euros in resilience reserves and at least 5 billion euros in M&A capacity.
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