Adyen Secures 77% Upside Call on AI and Platform Growth
Amsterdam-based e-commerce and payment processing firm Adyen landed a prominent spot on Goldman’s updated roster, with analyst Mohammed Moawalla projecting a 77% upside for the stock. According to Goldman, Adyen’s integrated technology platform provides a core competitive edge, fueled by new client growth, the expansion of its U.S. partnership with Toast, and Shopify’s broader European rollout.
Did you know? Goldman Sachs highlighted that Adyen stands to capture significant tailwinds from the rise of “agentic” AI-powered commerce through strategic partnerships with major technology players like OpenAI, Google, and Microsoft. Furthermore, recent acquisitions such as loyalty specialist Talon.One and billing platform Orb position the company to broaden its product offerings further.
RWE Pivots to Vertically Integrated Energy Powerhouse
German energy group RWE earned a 75 euro per share price target from Goldman, implying a 28% upside. Analyst Alberto Gandolfi noted that the Frankfurt-listed firm is actively transforming from a conventional power company into a vertically integrated energy powerhouse centered around grid investments and potential data center deals in Europe and the United States.
Goldman’s analysis points to stronger U.S. renewable returns and potential profits from U.S. liquefied natural gas (LNG). Additionally, emerging Central European capacity payments—financial support mechanisms used by governments to pay power generators for keeping reliable electricity capacity available—could add 300-400 million euros ($348-$464 million) in pre-tax profits by the 2032–2033 period, according to Gandolfi.
Talanx Tapped for Resilient Earnings and Underappreciated Growth
German insurer Talanx joined the conviction list backed by a 141 euro price target and a projected 13% upside, according to analyst Andrew Baker. Despite softening pricing in reinsurance and corporate-specialty units, Talanx maintains a lean cost base and 6 billion euros of resilience reserves to sustain earnings growth.
Baker singled out the company’s Retail International division as an underappreciated growth engine. Operating in faster-growing, less-penetrated insurance markets like Poland and Latin America—where Talanx operates as the second-largest player—the unit accounts for 23% of profits. Gross written premiums in this division are expected to climb by 8% to 10% annually between 2026 and 2030, outpacing the 3% to 6% growth anticipated for developed-market peers.
Broader Shifts on the European Conviction Roster
Alongside the fresh additions, Goldman’s September curation retains several major continental mainstays. Defense giant Rheinmetall remains on the list with a tracked 109% upside, alongside industrial and technology stalwarts Siemens, ASML Holding, HSBC, and private equity firm CVC Capital Partners. Conversely, the bank removed Enel, Wise Group, Hannover Re, and Zalando from the September lineup.
Frequently Asked Questions
What new stocks did Goldman Sachs add to its European conviction list?
Goldman Sachs added Adyen, RWE, and Talanx to its European “Conviction List – Directors’ Cut” for September.
What is Goldman’s price target for RWE?
Goldman assigned RWE a price target of 75 euros per share, representing a 28% upside.
Why is Adyen positioned for growth according to Goldman?
Analyst Mohammed Moawalla cited Adyen’s integrated technology platform, new U.S. and European partnerships with companies like Toast and Shopify, and upcoming opportunities in agentic AI-powered commerce through collaborations with OpenAI, Google, and Microsoft.
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