Report published October 1, 2026
Goldman Sachs European Express: October 2026 Conviction List Updates & Iberdrola Upgrade
Goldman Sachs · October 1, 2026
GS European Express provides a daily research briefing highlighting the October 2026 European Conviction List rebalance and an upgrade of Iberdrola to Buy (PT €25). It also details updates on capital markets themes, European oil services, BMW's Capital Markets Day, and global macroeconomic indicators.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Goldman Sachs updated its European Conviction List for October 2026, adding Solaria, Straumann, Scout24, and IMCD while removing Naturgy, Norsk Hydro, and Smith & Nephew.
- 2.Iberdrola is upgraded from Neutral to Buy with a price target increase from €21 to €25 (+19%), premised on double-digit earnings growth and €100bn capex through 2031E driven by power grid modernization.
- 3.AJ Bell is upgraded from Sell to Neutral following share price underperformance, bringing valuation in line with wealth platform peers.
Table of Contents
- European Conviction List - Directors' Cut: October 2026 Update - Three Years On
- Iberdrola SA (IBE.MC): Double-digit growth until 2031E: Upgrading to Buy from Neutral (PT €25)
- European Capital Markets Briefing: Key themes we are watching into Q4
- Trelleborg AB (TRELb.ST): Q3 pre-close: Thesis intact; Q3 softness looks like phasing, not deterioration
- Europe Energy: Oil Services — Near-term Hormuz downside, but US OCTG and premium deepwater drive longer term growth; Buy Vallourec
- BMW (BMWG.DE): Capital Market Day Takeaways
- Europe Rating Changes/Initiations
- Europe PT Changes (10% or more)
- Europe EPS Changes (10% or more)
- Other notable research
- Macro / markets
- Global
- Upcoming Webinars
- European Conferences
- Global Conferences
- Non-Deal Roadshows
Report data
Europe Rating Changes/Initiations
| Metric | Estimate | Context |
|---|---|---|
| Iberdrola Price Target | 25.00 EUR | Price target raised from €21.00 to €25.00 (+19%) alongside upgrade to Buy. |
| Iberdrola 2026-31E Capex Plan | 100 EUR bn | Expected investment by Iberdrola across infrastructure and grid assets. |
| US Core PCE Inflation | 3.0% | US core PCE inflation rate in August, matching revised July reading. |
| LTM Sponsor-led Exits | 1 USD tn | Improving private markets exit backdrop with exits above $1tn. |
Reports in this series
GS European Express is shown in chronological order through this edition, published on October 1, 2026.
Part of the GS European Express series — view all 29 editions
- Sep 14GS EUROPEAN EXPRESS Software Defence Straumann flatexDEGIRO Informa Macro Global Corporate Access(1)
- Sep 16GS EUROPEAN EXPRESS BT CVC CTP Multi Industry Autos Macro Global Corporate Access
- Sep 23GS European Express Carbonomics, Telcos, Daimler, Heidelberg, ABI, Macro, Global, Corporate Access
- Sep 30GS EUROPEAN EXPRESS IHG Zegona flatexDEGIRO Lindt & Sprungli Construction Macro Global Corporate Access
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