THE APEX TIMES
Goldman Sachs Adds Four Stocks to Its U.S. Conviction List, Highlighting Double-Digit Upside
The bank’s June update brought Block, Casella Waste Systems, TPG, and Tyson Foods into its U.S. Conviction List, with Goldman analysts citing targets that imply gains ranging from roughly the low-30% area to the mid-40% range.
Goldman Sachs refreshed its U.S. Conviction List for June by adding four new names, according to a report published Tuesday. The additions were framed as ideas from the firm’s equity research operation that Goldman believes have the potential to outperform, with each stock assigned a price target that the report says offers double-digit upside.
The new list includes Block (NYSE: XYZ), which was described as a neobank and payments platform, along with an estimate of 64% and 36% EPS growth for 2026 and 2027, respectively. The report attributes the case to analyst Will Nance, who also pointed to margin efficiencies tied to Block’s efforts to drive more active and “stickier” users across its Square and Cash App businesses. The report says Goldman’s target price is $95, implying about a 25% gain from the level referenced in the article.
Also joining the June roster is Casella Waste Systems (NASDAQ: CWST), a solid waste services provider. The report says analyst Adam Bubes expects sustained mid-single-digit organic EBITDA growth, with additional upside tied to potential SG&A savings and M&A synergies. In the company description, the article highlights Casella’s solid-waste collection and disposal, transfer, recycling, and organics services across parts of the U.S. The report’s math sets Goldman’s target at $120, a 46% gain.
The fourth addition is TPG (NASDAQ: TPG), an alternative asset manager. The article says Goldman noted TPG shares were down almost 40% year-to-date as investor concerns weighed on the broader industry and questioned whether recent growth rates were sustainable. It attributes Goldman’s view to analyst Alex Blostein, who expects base management-fee growth of about 20% year-over-year for both 2026 and 2027, supported by AUM growth and performance across flagship private equity, credit, and real estate initiatives. The report says Goldman’s target price is $61, implying 43% upside potential, and reiterates TPG’s dividend yield figure.
The June update also adds Tyson Foods (NYSE: TSN), the U.S. protein processor and marketer. The article says Goldman analyst Leah Jordan is seeking above-consensus earnings growth supported by Tyson’s diversified protein portfolio, along with further margin expansion tied to operational improvements, favorable demand trends, and improved execution. The report sets a Goldman target price of $81, which it describes as a 33% gain, while also calling out a stated dividend yield.
Goldman’s Conviction List is designed to be a curated set of stock ideas. In a previously published “Conviction List - Directors’ Cut” document, Goldman described the list as a monthly, curated selection of 20 to 25 of its differentiated fundamental “Buy” ideas across U.S. stock coverage, emphasizing that it is not itself a stock rating and that inclusion or removal does not necessarily mean a change to an analyst’s investment rating.
Even with price targets and percentage upside laid out in the report, investors still may not get the full set of assumptions behind the numbers. The June additions here are relayed through a third-party writeup summarizing analyst commentary and targets, rather than the complete research notes themselves. What to watch next is whether Goldman’s follow-up updates maintain these targets, whether companies confirm or disappoint on the operational and fee-growth pathways described, and how the market trades the newly added names as the list rotates again.
Goldman’s Conviction List updates tend to matter most to investors when they line up with catalysts and earnings delivery, because the “hit rate” and performance of prior lists become part of how investors interpret the bank’s research process. For this June rotation, attention is likely to remain on margin trajectory and execution at Block, pricing and integration economics at Casella, fee growth and revenue mix at TPG, and operational improvements and demand indicates at Tyson.
Why It Matters
- A four-stock update can quickly focus trader and investor attention on earnings catalysts and operating drivers that Goldman’s research team expects to matter over the next several quarters.
- The selection spans technology-enabled financial services (Block), infrastructure-like waste services (Casella), diversified alternative asset management (TPG), and consumer/industrial food processing (Tyson), offering a mix of cyclical and defensive characteristics under one “conviction” umbrella.
- Because Goldman’s materials describe the Conviction List as a curated ideas list rather than a rating change, investors may treat new additions as a starting point for deeper review rather than a direct announcement of an immediate analyst upgrade.
- The targets and upside ranges cited in the report will likely be used as reference points around which subsequent earnings and guidance updates are compared, especially if any of the companies deviate from the assumed growth and margin paths.
Sources
Key Facts
- Goldman Sachs’ June U.S. Conviction List added four stocks: Block (NYSE: XYZ), Casella Waste Systems (NASDAQ: CWST), TPG (NASDAQ: TPG), and Tyson Foods (NYSE: TSN).
- The report says Goldman’s Block target is $95, implying about 25% upside, and cites analyst Will Nance’s expectations for EPS growth and margin efficiencies tied to user engagement.
- The report says Goldman’s Casella Waste Systems target is $120, implying about 46% upside, and cites analyst Adam Bubes’ view on organic EBITDA growth plus SG&A savings and M&A synergies.
- The report says Goldman’s TPG target is $61, implying about 43% upside, and cites analyst Alex Blostein’s expectations for base management-fee growth (about 20% year-over-year for 2026E and 2027E) and FRE margin expansion.
- The report says Goldman’s Tyson Foods target is $81, implying about 33% upside, and cites analyst Leah Jordan’s expectations for above-consensus earnings growth and margin expansion.
- Goldman has described its “Conviction List - Directors’ Cut” as a curated monthly list of differentiated fundamental “Buy” ideas, and has said inclusion on the list is not itself a stock rating.
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