Goldman picks Adyen, RWE, Talanx for European conviction list

Three European equities have been added to Goldma Sachs' 'Convition List – Directors's Cut' list. The list monitors the bank's buy-rated stocks in Europe.

The additions include payment processor Adyen, German energy group RWE and German insurer Talanx. Each stock comes with a distinct scenario.

Adyen Attracts Highest Upside Forecast

Goldma Sachs projects a 77% gain for Adyen, the biggest target among the three stocks. The Dutch firm ended trading on Septmber 1 at €1,006.80, a 3.88% decline that day.

Adyen currently trades about 37% below its 52-week peak of €1,600.80. The stock is also still nearly 28% lower for 2026.

Analyst Mohammed Moawalla credited Adyen's integrated platform for its advantage. He highlighted customer onboarding wins such as the Toast deal in the United States and Shopfiy's growth in Europe.

Goldma also sees Adyen gaining from agentic commerce. The bank noted partnerships with OpenAI, Google and Microsft.

RWE and Talanx Complete the New Additions

RWE ended Septmber 1 at €58.58 and has risen about 30% year to date. Goldma has a €75 price objective, which indicates a 28% potential increase.

Analyst Alberto Gandolfi anticipates that spending on the power grid and possible data center agreements will boost the company's valuation. He also pointed to improved US renewable energy returns and possible LNG gains.

Finally, Talanx bears a €141 target, representing 13% upside. The stock traded near €125, close to a 2026 high. It has advanced 12% so far in 2026.

Analyst Andrew Baker described Talanx's Retail International unit, which markets policies beyond Germany, as an "underappreciated growth engine" and forecast that premiums from that division would grow 8% to 10% each year until 2030.

Hannver Re, Eel, Wise and Zlando were removed from the list by Goldma. Among Goldma's three Septmber picks, two are focused on AI.