It’s the start of a new trading year, and Goldman Sachs has added three new stocks to its conviction list, with one in particular projected to see massive gains. The firm’s “Conviction List – Directors’ Cut” includes 20 to 25 “most differentiated fundamental,” buy-rated ideas across its U.S. stock coverage. For the rest of 2025, Goldman has added Uber Technologies , Norwegian Cruise Line and Belden the Conviction List, and removed Fox Corp. , Parker-Hannifin and TPG . Along with those additions, here are other stocks on the Goldman list. Goldman believes Uber has a path to increased profitability, even with the imminent adoption of autonomous vehicles. Between 2023 and 2026, the Wall Street bank forecasts a compound annual growth rate of 39% in adjusted EBITDA. “Even in 3Q24, UBER made progress with Autonomous Vehicle partnerships, adding five new partnerships and expanding its partnership with Waymo, launching in Atlanta and Austin in early 2025,” analyst Eric Sheridan said. Uber also has “multiple paths” to generating Mobility bookings growth in the mid-to-high teens over the next two to three years, with Goldman seeing the “rapid” rise of the segment’s product portfolio and increasing cross-platform usage. It also anticipates that Delivery bookings will grow in the mid-teens. Goldman has a $96 price target on Uber, implying neary 60% upside from Tuesday’s close. In the past 12 months, the stock has risen more than 7%. UBER 1Y mountain UBER, 1-year In the cruise industry, Goldman expects more gains to come for Norwegian Cruise Line in particular, as investments in the company’s private islands could help spur a boost in pricing power over the next several years. Net yields – a measure of Norwegian’s net revenue per capacity day – are likely to grow in the mid-single digits, Goldman said. “Look for NCLH to widen its yield to unit cost spread by 2.5 percentage points in 2025, providing upside to estimates and helping to narrow the valuation gap to fellow cruise line stock, Royal Caribbean (RCL),” analyst Lizzie Dove said in the note. Goldman also pointed to more cost-cutting initiatives this year, spurred by fuel savings and advertising efficiency. Its target of $35 reflects 36% upside potential, even after the stock having climbed more than 43% in the past year. “Low consumer penetration and a sustained favorable gap with land-based activities suggests that the growth we have seen in Cruise in the post-pandemic echo-boom era has more to go,” the firm also said. NCLH 1Y mountain NCLH, 1-year With industrial end markets likely benefiting from a cyclical recovery this year, Goldman believes Belden is well-positioned to profit, partly due to its unique regional exposure. “Last year, 55% of total company revenues came from the U.S. (64% from the Americas), [Europe, the Middle East and Africa] was 23%, and [Asia–Pacific] was 13% – suggesting BDC should be relatively insulated from any industrial weakness abroad,” Goldman’s Mark Delaney said. Belden’s focus on expanding its software solutions business is another potential upside catalyst, Goldman added. BDC 1Y mountain BDC, 1-year Of the three additions, Belden has grown the most in the past 12 months, with shares climbing more than 47%. Yet Goldman’s target of $139 still implies more than 23% upside from current levels.
