Goldman Sachs September “Confidence List” Update: US Stocks Include Forte Pharmaceuticals (VRTX.US), European Stocks Push Rhine, Adyen, and Talanx

The Zhitong Finance App learned that in the fall, Goldman Sachs updated its “Conviction List” (Conviction List) for the US and European markets to indicate the current most promising stock direction for investors. In this adjustment, a major biotech stock was added to the US list, while the European list welcomed three new faces.

US list: Forte Pharmaceuticals added and Yingtou Securities removed

In the US market, Goldman Sachs added Forte Pharmaceuticals (VRTX.US) to the confidence list, removed Yingtou Securities (IBKR.US), and kept 23 stocks on the adjusted list.

Analyst Salveen Richter believes that major biotech company Forte Pharmaceuticals “has a good foundation for long-term growth because it is seizing possible as many as five multi-billion dollar opportunities” covering the fields of cystic fibrosis, pain treatment, nephrology, and hematology. Furthermore, the proposed acquisition of Crinetics (CRNX.US) will further strengthen its fifth pillar in the field of endocrinology.

Other individual stocks on the US market list include Estée Lauder (EL.US), Wells Fargo (WFC.US), United Health (UNH.US), Delta Air Lines (DAL.US), ConocoPhillips (COP.US), Microsoft (MSFT.US), and Block (XYZ.US).

European list: Added Rhine, Adyen and Talanx, excluding four individual stocks

In the European market, Goldman Sachs added German energy giant Rhein, Dutch payment company Adyen, and German insurance company Talanx, while excluding the Italian National Electric Power Company (Enel), the British remittance platform Wise, Hanover Re, and the German e-commerce platform Zalando.

Analyst Alberto Gandolfi said that after acquiring a majority stake in Amprion, Rhein is transforming from a “power producer to a vertically integrated energy giant,” and its stock is expected to be re-valued. Gandolfi's earnings per share forecast for 2031 is about 25% higher than company guidance and market consensus. He expects annual earnings per share growth rate of about 17% by 2031, and raise the target price by 6% to maintain a “buy” rating, with potential upside of 27%.

Goldman Sachs believes that Adyen's technology stack is still a key differentiator, and the bank's forecast for Adyen's 2027-2029 EBITDA is 4% to 6% higher than the market consensus. Goldman Sachs also said that Talanx's international retail business is an underrated growth engine.