Investing.com — Goldman Sachs refreshed its European Conviction List in a February 2026 update, adding four stocks and removing two, while keeping the list positioned as a collection of its “most differentiated buy recommendations,” rather than a portfolio.
The brokerage in a note dated Monday added , , and to the list and removed EQT AB and Prysmian.
Goldman Sachs said the changes reflect where its analysts see the strongest conviction across European coverage at this point in the cycle, noting that inclusion on the list does not constitute a rating change and that removals do not imply a negative view on the underlying companies.
Schneider Electric was added on the view that its exposure to faster-growing end markets positions it to outgrow peers.
Analyst Daniela Costa wrote that Schneider’s business mix, including data centers and transmission and distribution linked to renewables, provides scope for operating leverage.
“Schneider can outgrow peers given its exposure to fast-growing Data Centres and T&D / Renewables,” Costa said, adding that margins are expected to expand by more than 400 basis points by 2030.
She also noted that the shares, which historically traded at a premium, are now valued in line with the sector despite what she described as better growth and returns.
InterContinental Hotels Group was added after what Goldman described as an improvement in its growth profile.
Analyst Ben Andrews said the company has “enhanced its growth algorithm,” which should allow it to outgrow U.S. peers. Despite that, the shares are trading at a wider discount to those peers than historical averages.
Andrews highlighted sequential improvement in revenue per available room and growth in ancillary revenues, which he said should support earnings growth of about 15% compound annual growth through 2029.
Hannover Re was added as Goldman expects the reinsurer to continue delivering earnings growth even as pricing pressure builds in property and casualty markets.
Analyst Andrew Baker said that growth is supported by a reserves buffer and a more stable life and health business compared with peers. “The shares have underperformed, leaving valuation in line with peers despite this higher growth and resilience,” Baker said.
CVC Capital Partners joined the list as Goldman highlighted progress in the firm’s transition from a private-equity-focused manager to a more diversified platform.
Analyst Oliver Carruthers pointed to momentum in the private equity fundraising pipeline for 2026 and 2027 and said the group should benefit from improving capital markets activity.
He added that the shares have lagged peers and now trade at a clear discount to European alternatives firms.
