HSBC Holdings (NYSE: HSBC) Added to Goldmans European Director's Cut Conviction List.

The analyst comments "We add HSBC, Rheinmetall, Argenx SE and CTP N.V. to the Conviction List while removing Airbus. HSBC: Chris Hallam sees HSBC as a global liquidity engine where its scaled deposit franchise should drive Banking NII and consistent and structural growth from wealth exposure in Asia should drive fees higher. He also expects operating efficiency to further improve with a potential update to its medium-term plan coming at the May 2026 Investor Day. Chris believes that it’s de-rating since the start of the Middle East conflict represents an attractive entry point given its strong return profile. Rheinmetall: Sam Burgess highlights Rheinmetall as a best-in-class name leveraged to the European re-armament cycle with the right country exposure (Germany is 40% of sales) and the right product mix (including drones and counter drones). Recent geopolitical events have only further increased the pressure for Europe to spend. While Sam thinks the stock screens as pricey on NTM estimates, a 30%+ EBIT CAGR suggests it grows into that multiple quickly. Argenx SE: Rajan Sharma sees compelling entry point into a differentiated growth story, forecasting its key drug Vyvgart to grow c20% pa out to 2030E. Several Phase 3 readouts are expected in 2H2026, providing a catalyst rich path for those looking out beyond the quarter. CTP N.V.: Logistics player CTP should see double-digit EPS growth driven by near-shoring and increased presence from Asian players expanding overseas as well as a substantial development pipeline. Jonathan Kownator sees its current 37% discount to 2026E NTA as compelling vs. peers on 24% despite growing EPS almost 3x faster. In this update we also provide market commentary, review performance and key estimate changes, and highlight upcoming catalysts for the stocks on our Conviction List."