Goldman Sachs has updated its top global stock picks for November, with five stocks being rated with an over 70% upside. The names come from the bank’s “Conviction List – Directors’ Cut,” a monthly list of recommended stocks to buy that is decided by a subcommittee. In Europe, the committee added Danish logistics firm DSV , Italian electrical cable company Prysmian , and U.K. hydrogen firm Ceres Power . It removed Swedish industrial parts maker Atlas Copco, Spanish Big Oil company Repsol and Belgian biopharmaceutical firm UCB . In APAC, movers included Taiwanese electronics manufacturer Hon Hai , South Korean insurer Samsung F & M, Chinese teahouse chain Guming , and India-headquartered metal component manufacturer PTC Industries, which were added to the conviction list. Chinese sportswear corporation Anta , Japanese running shoe maker Asics , Japanese consumer goods retailer Ryohin Keikaku , China-based biopharmaceutical company Zai Lab , and Japanese IT firm Fujitsu were removed. Here’s where Goldman sees the biggest upside, in order: Korean video game publisher Krafton Goldman is bullish on Krafton due to the firm’s “power to positively surprise” with its earnings. The Seoul-based company credited the success of “PlayerUnknown’s Battlegrounds” when earlier this year it posted what it said was its best-ever first half, though numbers were less compelling when broken down quarter-by-quarter to reveal a dip. The investment bank gave Krafton an upside of 92%. Swiss–French HR company Adecco Group While revenues and profits were down year-on-year in the first half of 2025 and third-quarter earnings are still pending, Goldman expects Adecco Group ‘s stock price to improve – so much so that it also gives the company an upside of 92%. There are “signs of top-line inflection supported by self-help, and new dividend policy offers scope for faster deleveraging,” analysts wrote. Adecco Group’s share prices is up 0.26% year-to-date. Hydrogen firm Ceres Power Green hydrogen company Ceres Power is a “leading fuel cell player with licensees positioned to benefit from next wave of Datacentre growth,” per the European Goldman note, earning it a potential upside of 79%. Ceres Power shares have moved over 52% higher since the start of the year amid an ongoing partnership with oil major Shell as well as other initiatives and recognitions over the past year. Online retailer Zalando Goldman analysts described German retailer Zalando as an “online channel shift winner with underappreciated upside” off the back of the strategic acquisition of its rival About You, which was completed earlier this year but announced in December 2024. Shares in the company have not performed well this year, down 25% year-to-date, despite the acquisition, having entered new markets, and lifting its guidance. Goldman expects an 77% upside on Zalando. China’s Horizon Robotics Horizon Robotics ‘ share price has soared around 144% year-to-date as the global AI race continues at full force and the robo-taxi battle begins. The Chinese firm, which develops AI chips for self-driving cars, caught Goldman analysts’ attention thanks to its “product mix upgrade to capture high end smart-driving demand.” Horizon Robotics announced in September the establishment of its European headquarters in Germany amid a partnership with Volkswagen ‘s software arm Cariad. It is also working with ZF Group and China’s electric vehicle-maker BYD, among others. Goldman expects an upside of 74%. More generally, Asian stocks have also been buoyed by a weakening dollar, leading investors to diversify often U.S.-heavy portfolios.
