Goldman Sachs made several changes to its European Conviction List in its latest monthly update, adding Haleon while removing AstraZeneca as part of a broader reshuffle across the region’s large-cap names.
The bank added Haleon, which is down 1.3% in the last 12 months, saying it expects the consumer health group to regain “best-in-class” sales momentum as inventory levels normalise and penetration strengthens in emerging markets.
The analysts believe Haleon’s improving operational backdrop supports a more constructive outlook heading into 2026.
AstraZeneca was among the stocks removed from the list, alongside Konecranes, Vestas Wind and ING Group.
The bank also added Bayer, noting that it expects the pharmaceuticals and agriculture group’s long-running litigation overhang to ease meaningfully in the first half of 2026.
Bayer shares have been pressured for years by legal uncertainty, particularly in the United States, and Goldman’s analysts said greater clarity could begin to unlock value.
BBVA was another addition. Goldman expects the Spanish lender to deliver sales growth in 2026 that is roughly double the broader banking sector, driven by its exposure to high-growth markets such as Mexico and South America.
The Conviction List is Goldman Sachs’ highest-conviction set of stock recommendations in the region and is updated monthly.
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