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Story: Goldman Sachs Spots Two European Stocks With 100%-Plus Upside on Its Conviction List

By Sakamoto Nashi

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Rheinmetall's Blowout Quarter and the 102% Target. The German defense contractor posted a 69% jump in revenue to 3.

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The Stoxx 600 and a Bumpy Semiconductor Ride. The broader backdrop is worth keeping in mind. The Stoxx 600 hit a record high, closing up 0.

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Clean Energy, Defense, Logistics — A Wide Net. Ceres Power's drop is a good example. Clean energy developers have faced a rough stretch as…

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Goldman Sachs just flagged two European stocks it thinks can more than double. One is a UK clean energy firm that just got crushed.

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Ceres Power dropped more than 31% last month. Supply chain worries, questions about AI demand sustainability — the market got cold feet fast. But Goldman isn't running.

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Rheinmetall's numbers are harder to ignore.

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The German defense contractor posted a 69% jump in revenue to 3.289 billion euros in its second quarter.

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BT Group and DSV both land on Goldman's radar with a forecasted 64% gain over the next 12 months.

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ASML got added to Goldman's European Conviction Directors' Cut list with a 52% upside projection.

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See also: MicroStrategy Sells 1,638 Bitcoin but Stock Climbs on 100–240% Analyst Upside

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The broader backdrop is worth keeping in mind. The Stoxx 600 hit a record high, closing up 0.7% at 656.86 points. Year-to-date, the index is up about 10% in 2026.

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But not every corner of the market is clean. Semiconductor stocks had a wild first half. Soitec and AT&S both surged — 371% and 330% respectively at their peaks.

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That kind of sector divergence is kind of the whole point of what Goldman is doing here. It's not a blanket call on European stocks.

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Ceres Power's drop is a good example. Clean energy developers have faced a rough stretch as investors second-guess the pace of the energy transition and fret about input costs.

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Read also: Jim Cramer Dumps Bitcoin After IBM CEO Warns of 3-Year Quantum Threat Window

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