Goldman Sachs added Solaria, Straumann, Scout24 and IMCD to its European Conviction List for October, removing Naturgy, Norsk Hydro and Smith & Nephew without providing reasons for the changes. The bank cited improving earnings prospects, valuations and potential demand growth behind the additions. Goldman also upgraded Iberdrola to "buy" from "neutral" and raised its price target 19% to €25 from €21, citing expected double-digit growth through 2031. Its earlier outlook called for about €100 billion of Iberdrola capital spending from 2026 through 2031, with roughly 70% directed to regulated networks, mainly in the United States and Britain. Goldman expects earnings to grow at about 10% annually over that period, though investment and dividends should keep cash flow negative through 2031. The bank retained buy ratings on Trelleborg, BMW and Vallourec, and upgraded AJ Bell to "neutral" from "sell". It cited 20% upside for Trelleborg and 48% upside for BMW, while Vallourec trades at about a 40% enterprise-value-to-EBITDA discount to Tenaris. Goldman expects Solaria's core solar business to improve as pricing strengthens, with additional potential from data centres and energy storage. Straumann could benefit from recovering sales, improving Chinese inventories and stronger margins, while Scout24's new products may support private-subscriber growth and higher shareholder returns. IMCD may be nearing a volume recovery, with its specialised product mix supporting pricing. Goldman said list changes do not alter its underlying investment ratings.