UBER Dropped From Goldman’s US Conviction List In Monthly Shuffle (PINS, ABT, MSGE)

Uber Technologies Inc. (UBER) has been removed from Goldman Sachs' U.S. Conviction List, a decision that arrives amidst a broader reshuffling that also saw Pinterest (PINS) and OneStream (OS) exit the list.

The move contrasts with the addition of Madison Square Garden Entertainment Corp. (MSGE), The Hershey Company (HSY), Air Products  (APD), and Abbott (ABT), signaling a shift in Goldman Sachs' investment outlook.

Uber's stock is currently trading at $97.13, a 0.86% in the pre-market, reflecting the markets' immediate reaction to the news. The removal from the Conviction List may indicate a recalibration of expectations regarding Uber's long-term growth and profitability prospects, particularly in light of evolving dynamics within the mobility sector. The stock price action now places it at a critical juncture, testing support levels that could determine its short-term trajectory.

Goldman Sachs had previously included Uber on its Conviction List in January 2025, expressing confidence in the company's ability to achieve ambitious financial targets. At that time, analysts projected an adjusted EBITDA compound annual growth rate of 39% from 2023 to 2026, with a GAAP EPS forecast exceeding $3.50 in 2026, surpassing consensus estimates by 7%. The removal suggests a potential reappraisal of these projections, possibly due to unforeseen challenges or shifts in market conditions that might impact Uber's ability to meet these targets.

Alongside Uber, Pinterest Inc. and OneStream Software Inc. also faced removal from the Conviction List. Pinterest's stock is trading at $31.87, down 0.93% in the pre-market from the previous close.

Added To The List – MSGE, HSY, ABT, APD

Goldman Sachs has added Madison Square Garden Entertainment Corp. to the list, anticipating a 7% annual revenue growth over the next two years, driven by increased concert bookings and Christmas Spectacular shows. They assigned a Buy rating with a $52 price target.

The Hershey Company also joins the list, with Goldman Sachs projecting stronger-than-expected performance due to market share gains and pricing elasticity, assigning a Buy rating with a $222 price target.

Air Products (APD) was added alongside a $335 price target, whilst Abbott (ABT) made the list with a $157 price target on the back of the company nearing an inflection in organic revenue growth, driven by a pipeline of new products.

The changes to the Conviction List underscore the dynamic nature of the investment landscape, reflecting Goldman Sachs' evolving assessment of growth opportunities and risk factors across various sectors.

The removal of Uber, Pinterest, and OneStream could signal a shift in focus towards companies with more compelling near-term growth prospects, as exemplified by the additions of MSGE, Hershey, Air Products, and Abbott Laboratories.