Goldman Sachs Flags Top European Stocks for Q4 Gains

Goldman Sachs has identified several European capital-markets stocks that it expects to benefit from improving private-market exits, record passive-investment flows, and rising retail participation in Q4.

The bank's top picks include CVC Capital Partners, ICG, flatexDEGIRO, London Stock Exchange Group, EQT, Eurazeo, FinecoBank, Nordnet, and Swissquote, all of which carry Buy ratings according to the report.

Among these stocks, flatexDEGIRO has the largest Goldman Sachs price-target upside at 66%, with a €49 target versus a Sept. 29 closing price of €29.50. The bank cites German pension reform, new products, and clarity from the company's February 2027 strategy update as potential catalysts.

CVC Capital Partners is another major pick, with a 63% implied upside to Goldman Sachs' €20 target from €12.30. The bank expects the company's €26 billion Fund X target to improve visibility on future management-fee and fee-related earnings growth, while improving private-equity exit activity could support performance fees.

ICG carries a 60% implied upside to a 2,930p target from 1,831p. Goldman Sachs describes it as a key Buy idea, pointing to stronger-than-consensus fundraising, falling leverage, and the prospect of transitioning to net cash, which could increase capital-return flexibility.