Goldman Sachs Adds Deutsche Bank and Carlsberg to European Stock Picks

According to CNBC, Goldman Sachs added Deutsche Bank and Carlsberg to its November European “Conviction List – Directors’ Cut.” Goldman set a 44.25-euro ($46.90) price target for Deutsche Bank, implying 47% upside, and said the bank could generate about 2 billion euros ($2.24 billion) in savings from changes to technology, real estate and operations. Goldman managing director Chris Hallam said stronger revenue momentum and growth opportunities in defense and technology supported the outlook; he also said the savings could help lift Deutsche Bank’s return on tangible equity to more than 13% from 2028. For Carlsberg, Goldman set a 1,200-Danish-kroner ($180.10) target, implying 24% upside over 12 months. Analyst Olivier Nicolaï expects the brewer’s expanded soft-drinks portfolio to offset an anticipated slowdown in beer sales, particularly in China, and forecasts 3.8% organic sales growth in 2027, compared with consensus expectations of 3.4%.