Goldman just updated its global list of top stocks — and gives 5 over 70% upside

Goldman Sachs has updated its "Conviction List - Directors' Cut" for November, adding and removing global stock picks across Europe and APAC. The bank highlighted five companies with over 70% upside potential: Korean video game publisher Krafton (92%), Swiss-French HR firm Adecco Group (92%), UK hydrogen company Ceres Power (79%), German online retailer Zalando (77%), and Chinese AI chip developer Horizon Robotics (74%). These selections are based on anticipated earnings surprises, strategic positioning in growth sectors like AI and green energy, and broader market trends such as a weakening dollar supporting Asian equities.

Analysis

Goldman Sachs' November "Conviction List - Directors' Cut" highlights a bullish outlook on five global stocks, each projected to have over 70% upside. Key additions include Danish logistics firm DSV, Italian electrical cable company Prysmian, and U.K. hydrogen firm Ceres Power in Europe, alongside Taiwanese electronics manufacturer Hon Hai and Chinese teahouse chain Guming in APAC, reflecting a strategic shift in regional focus.

Korean video game publisher Krafton and Swiss-French HR company Adecco Group are both assigned a 92% upside, with Goldman anticipating Krafton's "power to positively surprise" on earnings despite a recent quarterly dip, and Adecco benefiting from "top-line inflection supported by self-help" and a new dividend policy, despite H1 2025 revenue and profit declines.

Green hydrogen firm Ceres Power, with a 79% upside, is positioned as a leading fuel cell player capitalizing on datacenter growth, evidenced by its 52% YTD share price increase and partnership with Shell. German online retailer Zalando, despite a 25% YTD share price decline, is seen with a 77% upside as an "online channel shift winner" following its acquisition of About You. Chinese AI chip developer Horizon Robotics, up 144% YTD, is projected for a 74% upside due to its "product mix upgrade" capturing high-end smart-driving demand and strategic partnerships with Volkswagen and BYD.

More broadly, the analysis notes that Asian stocks have been buoyed by a weakening dollar, encouraging investors to diversify away from U.S.-heavy portfolios.

Key Decisions for Investors

• Evaluate Goldman's high-conviction picks, particularly Krafton, Adecco, Ceres Power, Zalando, and Horizon Robotics, considering their specific catalysts and projected upsides for potential alpha generation.
• Monitor company-specific fundamentals and execution, such as Krafton's ability to deliver consistent earnings surprises, Adecco's upcoming Q3 results, and Zalando's integration of About You, given their mixed recent performance metrics.
• Consider strategic exposure to high-growth thematic areas like AI (Horizon Robotics) and green hydrogen (Ceres Power), which are supported by strong industry trends and significant partnerships.
• Assess the implications of a weakening dollar on portfolio allocation, as it may continue to favor Asian equities and support diversification strategies.