Goldman Sachs US Conviction List - Directors' Cut: September 2026 Update

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.

Key Takeaways

• 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.

Table of Contents

• 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

Report data

Exhibit 1: Conviction List - Directors' Cut September Update — as of August 31, 2026.

Reports in this series

US Conviction List - Directors' Cut is shown in chronological order through this edition, published on September 1, 2026.

Part of the US Conviction List - Directors' Cut series — view all 3 editions

1. Jul 1US CONVICTION LIST - DIRECTORS’ CUT July 2026 Update
2. Aug 3US Conviction List - Directors' Cut August 2026 Update - Stocks for a broadening market

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