US Conviction List - Directors' Cut

Latest edition · September 1, 2026

US Conviction List Directors' Cut September 2026 Update Refreshed Views for Back to School

Goldman Sachs' September 2026 US Conviction List - Directors' Cut adds Vertex Pharmaceuticals (VRTX) and removes Interactive Brokers Group (IBKR), maintaining 23 Buy-rated stocks with a median 12-month upside of 27%. The broader market remains driven by solid 2Q earnings delivery, with the S&P 500 trading at 20X forward P/E.

The September 2026 edition of the US Conviction List - Directors' Cut details 23 top Buy recommendations across Americas Research coverage following the addition of Vertex Pharmaceuticals (VRTX) and the removal of Interactive Brokers Group (IBKR). Despite macro crosscurrents, interest rate debates, and energy supply shifts, the median S&P 500 company delivered 14% EPS growth in 2Q26, keeping valuations steady at 20X NTM P/E. Key high-conviction themes span AI infrastructure and hardware (MSFT, CLS, AMAT, NXT), consumer inflections (EL, DASH, ORLY, VIK, TSN), industrial and aerospace compounders (LOAR, APD, CSL, CWST, DAL, UPS), financials (CFG, TPG, WFC), and commercial pipeline execution in healthcare (VRTX, UNH).

Key takeaways from the latest edition

• 1.Vertex Pharmaceuticals (VRTX) is added to the US Conviction List - Directors' Cut, while Interactive Brokers Group (IBKR) is removed; the list maintains 23 high-conviction Buy ideas.
• 2.The Conviction List offers a median upside of 27% to 12-month price targets and a median FY2 revenue growth of 6%.
• 3.S&P 500 valuation stands at 20X NTM P/E, driven by resilient 2Q earnings growth (14% median EPS growth) rather than multiple expansion.

What this series covers

• Market Commentary - so much happened, but not much changed
• Conviction List - what has worked, what has not and what has changed
• What has worked
• What has not
• What has changed
• Anatomy of the List
• Conviction List Explained - refrain
• Our 23 most differentiated Buy recommendations
• Air Products & Chemicals Inc. (APD) - covered by Duffy Fischer
• Applied Materials Inc. (AMAT) - covered by Jim Schneider
• Block Inc. (XYZ) - covered by Will Nance
• Carlisle Companies Inc. (CSL) - covered by Sue Maklari
• Casella Waste Systems Inc. (CWST) - covered by Adam Bubes
• Celestica Inc. (CLS) - covered by Michael Ng
• Citizens Financial Group (CFG) - covered by Ryan Nash
• ConocoPhillips (COP) - covered by Neil Mehta
• Delta Air Lines Inc. (DAL) - covered by Catie O'Brien
• DoorDash Inc. (DASH) - covered by Eric Sheridan
• Estee Lauder Co. (EL) - covered by Bonnie Herzog
• Golar LNG (GLNG) - covered by John Mackay
• Loar Holdings (LOAR) - covered by Noah Poponak
• Microsoft Corp. (MSFT) - covered by Gabriela Borges
• Nextpower (NXT) - covered by Brian Lee
• O'Reilly Automotive Inc. (ORLY) - covered by Kate McShane
• TPG Inc. (TPG) - covered by Alex Blostein
• Tyson Foods Inc. (TSN) - covered by Leah Jordan
• UnitedHealth Group (UNH) - covered by Scott Fidel
• United Parcel Service Inc. (UPS) - covered by Jordan Alliger
• Vertex Pharmaceuticals Inc. (VRTX) - covered by Salveen Richter
• Viking Holdings (VIK) - covered by Lizzie Dove
• Wells Fargo & Co. (WFC) - covered by Richard Ramsden
• Disclosure Appendix

Edition archive

• US Conviction List Directors' Cut September 2026 Update Refreshed Views for Back to School

  September 1, 2026

• US Conviction List - Directors' Cut August 2026 Update - Stocks for a broadening market

  August 3, 2026

• US CONVICTION LIST - DIRECTORS’ CUT July 2026 Update

  July 1, 2026