Goldman Sachs Adds Five New Stocks to Conviction List for October

Goldman Sachs has updated its Conviction List for October, adding five new stocks and removing five. Among the additions is Amazon (AMZN), which analyst Eric Sheridan believes could see a 51% upside to $375. The company's growth drivers include AI compute demand, e-commerce margin expansion, and a fast-growing ad platform.

Another addition is Burlington Stores (BURL), with Goldman Sachs setting a target price of $382 for a potential 43% gain. Analyst Brooke Roach notes the retailer's idiosyncratic topline drivers combined with self-help initiatives to boost margins in the years ahead.

Huntington Ingalls Industries (HII) has also been added, with analyst Noah Poponak saying labor and supply chain investments from the DoW are now paying off, leading to higher margins and contract tailwinds. The company's shipbuilding revenues have grown by 15-20% for four consecutive quarters.

The Conviction List is a curated list of stocks that Goldman Sachs' research team believes will outperform the market. It aims to identify companies where analysts have the 'highest level of conviction' in their outperformance.