Goldman Adds Deutsche Bank, Carlsberg to Buy List
Goldman Sachs's November European Conviction List update adds two names and removes HSBC, Haleon, and CTP.
Updated on Nov. 3, 2026 in Stock Picks
Goldman Sachs added Deutsche Bank and Carlsberg to its November European Conviction List - Directors' Cut, a monthly list of key buy-rated European companies. The bank also removed HSBC, Haleon, and CTP from the list.
Why it matters
The list update signals where Goldman sees the strongest upside across European equities, with Deutsche Bank's profitability push and Carlsberg's soft drinks expansion cited as drivers. For investors tracking European large caps, the changes reflect shifting views on banks and consumer staples.
Goldman assigned Deutsche Bank a 44.25-euro target, implying 47% upside, while the shares trade at 8.2 times expected earnings against a banking sector average of 9.6 times. Goldman's Carlsberg target of 1,200 Danish kroner implies 24% upside, but the analysis does not detail the timeframe behind the forecast beyond 12 months.
The players
Goldman Sachs
A global investment bank whose research division publishes the monthly European Conviction List - Directors' Cut, one of the most widely followed buy-rated lists among European equity investors.
Deutsche Bank
Germany's largest lender, headquartered in Frankfurt, which has been working to restore profitability across its corporate and private banking businesses.
Carlsberg
A Danish brewer known for its namesake lager, which has expanded into soft drinks through its Britvic acquisition and PepsiCo bottling arrangements.
The details
Goldman's analysts cite Deutsche Bank's corporate and private bank divisions entering a profitable phase, supported by German infrastructure spending, and about 2 billion euros in potential savings from technology, real estate, and operational changes. For Carlsberg, the analysts point to its 2025 Britvic acquisition and PepsiCo bottling licenses as margin supports, with its soft drinks mix expected to offset slowing beer sales in China.
Timeline
2025: Carlsberg completed its Britvic acquisition and PepsiCo bottling license agreements.
2022: HSBC began cutting its exposure to U.S. commercial real estate, a reduction of 40% since then.
November 2026: Goldman published its monthly European Conviction List update.
Market Dynamics
Goldman's upgrade of Carlsberg rests on the completed Britvic acquisition of 2025, which shifts the brewer's revenue mix toward soft drinks as beer demand softens in China. The Deutsche Bank call, meanwhile, reflects a broader European bank recovery, with the bank's return on tangible equity projected to exceed 13% from 2028.
Investors holding European bank or consumer staples exposure may see these names as candidates for portfolio rebalancing based on Goldman's updated targets. The list changes are analyst views rather than guaranteed outcomes, so position sizing and risk tolerance remain key considerations.
The takeaway
Analyst conviction lists can flag shifts in sector sentiment, but the upside figures are projections that depend on execution. Compare any target price against your own valuation and time horizon before acting.
Further reading
For more buy-rated ideas, see our Stock Picks section.
Source note: This article includes information reported by CNBC.
