Goldman Sachs has updated its top European stock picks for August, giving two companies a standout upside of more than 100%, including one as high as 168%. Here’s where the investment bank sees the biggest upside on their 12-month price targets, in order: Ceres Power Ceres Power can deliver a 168% upside, according to Goldman analysts. The U.K. fuel cell developer has underperformed the ongoing AI rotation, tumbling more than 31% in July as investor concerns over supply chains, execution and the durability of AI-related demand drove a broader tech reversal. CWR-GB 1M mountain Ceres Power. But analysts see the slide as an attractive entry point for investors, highlighting the company’s scalable licensing model and the potential for licensees to benefit from the next wave of data center growth. Rheinmetall Goldman analysts continue to maintain a positive stance on Rheinmetall , predicting a potential upside of 102% over the next 12 months. The German defense staple gained 15.1% last month, boosted by a strong second-quarter earnings report. Analysts described the company as “significantly undervalued,” and well-placed to benefit from Europe’s rearmament drive. RHM0-FF 1M mountain Rheinmetall. BT Group The London-listed telecoms imprint is one of two European stocks handed an upside of 64%. Analysts said BT ‘s fiber monetization can help drive gains, adding that the company, which is down 4.1% over the past year, is one of several capital-intensive assets benefiting from the ongoing HALO (heavy assets, low obsolescence) trade. DSV Despite its second quarter beat, which saw airfreight volumes rise 10% year-on-year and gross profits top 4.9 billion Danish krone ($755 million), Danish logistics company DSV ‘s shares fell 9.3% in July. But Goldman analysts forecast a 12-month upside of 64%. They see DSV as a key AI beneficiary, with integration of DB Schenker underpinning a 12-month upside of 64%, despite ongoing concerns over road profitability. ASML ASML is one of three new additions to Goldman’s closely-watched monthly ‘European Conviction – Directors’ Cut’ list. Despite shedding 7.2% over the past month amid AI jitters, analysts are eyeing a 52% 12-month upside for the Dutch semiconductor mainstay, describing it as “not just an AI story.” “While the broadening use of AI is a structural driver of demand, ASML’s revenue base is diversified across the full semi value chain and its unique product positioning means it captures spend regardless of which application is driving the next wave of chip investment,” they noted. ASML-NL 1M mountain ASML.
