Goldman Sachs adds 4 new stocks to its conviction buy list

Goldman Sachs added four new stocks to its conviction list going into August for equity investors looking to capitalize on the bull market. Introduced in June, Goldman’s new “Conviction List – Directors’ Cut” curates 20 to 25 of the firm’s most differentiated fundamental buy-rated ideas across its U.S. stock coverage. Dollar General , Philip Morris International , S & P Global and Woodward were the newest addition to the Wall Street firm’s coveted stock list. For Dollar General, Goldman analysts believe the worries around low income consumer discretionary spend and competition are overdone. Meanwhile, Goldman said the market is underappreciating the growth opportunity for Philip Morris as the company innovates around its smoke-free alternatives to cigarettes. Dollar General shares have fallen more than 11% since the start of the year, but Philip Morris stock has been gaining momentum and is up more than 22% in 2024, with a 14% jump over the past month. Goldman also said S & P Global is “well-positioned” to continue to benefit from a strong debt issuance business, while Woodward is expected to deliver more products to plants under a relatively new management team, the firm said. Both S & P Global and Woodward have recorded solid gains so far this year, rising 11% and nearly 17%, respectively. The conviction list also included Royal Caribbean Cruises , Ally Financial , Citigroup, Amazon and Nvidia .