Goldman Sachs has updated its U.S. high-conviction buy list for September, adding Vertex Pharmaceuticals and removing Interactive Brokers Group. The list remains at 23 stocks.
In its Sept. 1 monthly report, Goldman said all of August’s gains in U.S. equities were concentrated in the first two trading days of the month, while large-cap technology earnings continued to meet market expectations. After that, the market moved into a summer trading range, and the direction for risk assets became unclear. Even strong results from Nvidia did not break the stalemate. Goldman said the 10-year Treasury yield was up 9 basis points from the start of the month, Brent crude was essentially flat, and gold, silver and Bitcoin rose 9%, 22% and 24%, respectively. The bank said markets are in a catalyst vacuum and that the more compelling opportunities may be found in companies undergoing meaningful change that could shape the fourth quarter.
Vertex joins on pipeline and upcoming catalysts
Vertex was the most prominent addition in this month’s revision. Goldman Sachs analyst Salveen Richter said the large biotechnology company is advancing five commercial opportunities that each have the potential to reach the tens of billions of dollars.
In cystic fibrosis, Vertex remains established in its core franchise and continues to develop new products that help preserve its competitive moat. In pain, Journavex has shown strong commercial traction in acute pain, and Phase III data in diabetic peripheral neuropathy are expected after the second quarter of 2027. In kidney disease, multiple pipeline programs are moving ahead, with midpoint Phase III data for inaxaplin in APOL1-mediated kidney disease expected in early 2027. Richter also said she sees a favorable launch setup for povetacicept in IgA nephropathy, with a PDUFA date of Nov. 30. In hematology, Casgevy, the gene-editing therapy partnered with CRISPR, is also in place.
Richter added that Vertex plans to acquire Crinetics Pharmaceuticals, which would establish a fifth commercial pillar in endocrinology. She said current market expectations for povetacicept peak sales in IgAN stand at $3.2 billion, below Goldman’s $5.8 billion estimate. For Journax in acute pain, the market is modeling $2.3 billion in peak sales, versus Goldman’s $3.9 billion. She also said the market is not assigning pipeline value to inaxaplin, the DPN indication, or earlier-stage programs, leaving part of Vertex’s upside still unpriced.
Three stocks Goldman flagged for strong August performance
Estée Lauder
Estée Lauder rose 5.3% in August. Goldman analyst Bonnie Herzog raised her 2027 to 2029 EBIT forecasts by about 4% after strong fourth-quarter results and lifted her price target by $12 to $112. The company posted 5% organic sales growth, nearly 200 basis points above consensus, with fragrance and skincare up 10% and 7%, respectively.
DoorDash
DoorDash gained 18.1%. Analyst Eric Sheridan reiterated his buy rating after strong second-quarter results and focused on three positive signals: improving unit economics across the business; management saying grocery and retail could turn gross-profit positive in the second half of 2026; higher paid conversion for DashPass; and grocery and retail total order value continuing to grow faster than the overall platform.
TPG
TPG also advanced in August. Goldman said the alternative asset manager posted strong second-quarter results, prompting analyst Alex Blostein to raise his FRE per share forecast to roughly 10% above consensus. He pointed to four drivers acting at the same time: broader fundraising momentum, resilient investment performance with private equity standing out, improved opportunities for credit deployment, and faster deal activity. Blostein expects base management fees to grow more than 20% in both 2026 and 2027, making TPG one of the fastest-growing firms in his alternative asset management coverage universe.
Five laggards remained buy-rated
Viking Holdings
Viking Holdings fell 17.5% in August. Analyst Lizzie Dove said low water levels in Europe affected itineraries and triggered customer credits, and that the negative tone may not fade quickly in the near term. Even so, she said the company’s fundamentals remain strong, pricing has been better than expected, and the current risk-reward setup looks attractive.
Applied Materials
Applied Materials dropped 9.6%. The stock stayed under pressure even though the company reported solid second-quarter results and guidance ahead of consensus. Analyst Jim Schneider said the issue was elevated market expectations rather than any change in fundamentals. He said the latest performance has laid the groundwork for an acceleration in 2027 WFE growth, with Applied Materials positioned to benefit from rising DRAM and leading-edge logic spending.
Loar Holdings, Celestica and Delta Air Lines
Loar Holdings, Celestica and Delta Air Lines also declined in August to varying degrees. Goldman said the analysts covering those names maintained buy ratings and viewed the short-term weakness as separate from the longer-term investment case.
How the list is constructed
Goldman said the high-conviction list is selected by the Investment Review Committee within its Americas research division from stocks that analysts already rate buy. The list is kept at 20 to 25 names. It is not meant to express a thematic or factor view and is instead based on bottom-up fundamental analysis.
The current 23-stock roster spans consumer, financials, healthcare, industrials, natural resources and technology. Goldman said each stock on the list shares three traits: high analyst conviction, a differentiated view and attractive risk-adjusted return potential.
The report said Vertex reflects a mix of pipeline value that the market has yet to fully price and a dense upcoming catalyst schedule. The removal of Interactive Brokers shows the list is actively managed rather than fixed.
The original article stated that the piece was a summary and interpretation of a third-party broker research report from Goldman Sachs dated Sept. 1, 2026, combined with public market information. It also said that the ratings, price targets, earnings forecasts and related judgments cited in the article are the views of the broker’s analysts and represent only the position of their institution, not the view of the publisher, and do not constitute investment advice.
The original article also said that markets involve risk, decisions should be made independently, and the article should not be used as a basis for buying or selling any security.