Goldman Sachs highlights Ceres Power and Rheinmetall as European shares with potential for more than 100% upside

Goldman Sachs has named two European stocks that, according to a market note, could rise more than 100% from current levels. The picks were highlighted in a report distributed via Yahoo Finance, which attributed the view to Goldman Sachs research and framed the opportunity as a case for outsized upside rather than incremental gains.

The first stock highlighted was Ceres Power, a company tied to solid-oxide fuel cell technology. In the note, Ceres Power was presented with the larger upside figure, described as 168%. The percentage was included as part of a wider set of valuation or target-style commentary, but the note did not provide the underlying financial assumptions or timing for any move.

The second stock was Rheinmetall, a defense and technology group active across military and related systems. The market note described Goldman Sachs’ upside estimate for Rheinmetall at 102%, again using the same headline-style framing of potential returns.

Together, the two names formed a pair of European equities the note said can “more than double,” with the larger call going to Ceres Power and the second call to Rheinmetall. The post did not specify whether these figures came from price targets, scenario analysis, or a separate internal framework, and it did not list any other stocks beyond the two highlighted.

While such “more than double” language draws attention, analysts’ upside estimates typically depend on specific expectations about product adoption, contract wins, cost trends, regulation, and broader market sentiment. For companies like Ceres Power, demand hinges on the commercial rollout of its energy technology and the pace at which customers adopt new generation systems. For Rheinmetall, expectations often link to procurement cycles and how defense spending translates into order growth.

The use of European picks also reflects a broader theme in sell-side research: investors are often encouraged to look for asymmetric return profiles, where catalysts could drive re-rating of a company’s valuation if milestones are met. Even when headline upside figures are large, the path to any re-rating can be uneven, and the market can respond quickly to both positive and negative updates.

The market note did not provide detailed disclosures such as the date of the underlying Goldman Sachs analyst report, the identities of the specific analysts, the valuation methodology, or any timetable for the cited upside. It also did not discuss risks or what would invalidate the bullish view, which limits how much can be concluded beyond the headline estimates reported in the post.

For investors tracking this kind of research, what to watch next is whether Goldman Sachs publishes more detailed reports around these two names, including the specific catalysts and metrics it expects to improve. Additional company updates, such as commercial progress for Ceres Power and any procurement or order developments for Rheinmetall, would also be the most direct tests of the assumptions implied by the upside figures.