Goldman Sachs has refreshed its European Conviction List in its July 2026 “Directors’ Cut”, adding two new names and removing three as the bank reshuffles some of its highest-conviction buy calls in the region.
The standout is TGS ASA, the Norwegian seismic-data company.
Goldman’s price target of 180 NOK implies roughly 40% upside from its June 30 close of 128.90 NOK, making it the most eye-catching addition in the latest update.
The other new entrant is Halma Plc, the UK safety-technology group, where Goldman sees about 27% upside.
What changed on the list
Goldman added TGS ASA and Halma to its European Conviction List, while removing Bayer, Anheuser-Busch InBev and Deutsche Telekom.
The list is not meant to be a broad model portfolio. It is a smaller group of around 27 European stocks where Goldman Sachs analysts see particularly attractive risk-reward over a 12-month horizon.
That makes each monthly change worth watching, even if the list itself is not usually a market-moving event.
TGS gives the update a clear energy-services angle. The company provides seismic data used by oil and gas producers to assess exploration opportunities.
Goldman’s bullish view rests on the idea that underinvestment in exploration has gone too far, leaving energy companies with a growing need to rebuild reserve life.
Halma is a different story as it is not a deep-value cyclical. It is a quality compounder with exposure to safety, health and environmental technologies.
Together, the two additions show Goldman leaning into two separate themes: a recovery in oil-services spending and a pullback in a high-quality industrial name.
Why TGS and Halma made the cut
TGS carries the bigger upside number. Goldman Sachs analysts set a 180 NOK price target on the stock, compared with its 128.90 NOK close on June 30. That points to nearly 40% upside.
The bank’s thesis is built around oil-company underinvestment. Goldman analysts said reserve life has fallen by about 60%, while seismic vessel capacity has dropped roughly 70% since 2013.
In simple terms, energy producers may need more exploration data at a time when the industry has less capacity to provide it.
Goldman expects the company’s multi-client division to grow 19% year on year, well above consensus expectations of 8%.
If that gap proves right, the stock could benefit from both stronger earnings and a reassessment of the oil-services cycle.
Halma offers a steadier type of upside.
Goldman set a 5,010p price target on the UK group, compared with its 3,934p close, implying about 27% upside.
The bank described Halma as “one of the highest-quality, highest-return growth compounders with a proven track record.”
What the exits say about Goldman’s view
The removals are just as useful as the additions.
Bayer was taken off after rising 27.8% since being added in January 2026.
Its removal looks more like profit-taking after a strong run, helped by improved sentiment around litigation risk following a Supreme Court ruling.
Anheuser-Busch InBev also exits after a decent performance. The brewer had gained 19.2% since being added in June 2025, suggesting Goldman now sees less upside after the rerating.
Deutsche Telekom is the more nuanced exit. The stock is down 15.1% since its October 2025 inclusion, so this does not read like a simple case of locking in gains.
It looks more like a call that the original upside case has weakened, or at least that better opportunities now sit elsewhere.
Goldman said the refreshed list has a median 12-month return potential of 32% and median upside to price target of 29%.
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