Key insights
- Goldman Sachs has updated its US conviction list, adding Casella Waste, TPG, Tyson Foods, and Block, while removing Ares Management, Kontoor Brands, and Wynn Resorts. These adjustments reflect the firm's thematic views for the remainder of the year and areas where their outlook diverges from consensus. While no rating changes were announced, the inclusion of companies like Block and Tyson Foods on a
Investing.com - Goldman Sachs adjusted its US Director’s Cut Conviction List, adding four companies and removing three others.
The firm added Casella Waste Systems Inc (NYSE:CWST), TPG Inc (NASDAQ:TPG), Tyson Foods Inc (NYSE:TSN), and Block Inc (NYSE:SQ) to the conviction list. TPG, trading at $42.57 with a market cap of $16.4 billion, has declined 31.5% year-to-date but appears undervalued according to InvestingPro analysis. The alternative asset manager offers a 5.5% dividend yield and has raised its dividend for four consecutive years, according to InvestingPro Tips.
Goldman Sachs removed Ares Management Corp (NYSE:ARES), Kontoor Brands Inc (NYSE:KTB), and Wynn Resorts Ltd (NASDAQ:WYNN) from the list.
The changes mark the three-year anniversary of the conviction list. Goldman Sachs said it examined themes relevant to markets for the remainder of the year and highlighted areas where its views differ from consensus.
The firm did not announce any rating changes for the companies involved in the list adjustments.
In other recent news, TPG RE Finance Trust has successfully closed a $400 million Term Loan B due in 2033 and a $100 million Revolving Credit Facility due in 2031. The Term Loan B is priced at 99.75% and carries an interest rate of Term SOFR plus 275 basis points, while the Revolving Credit Facility bears interest at Term SOFR plus 200 basis points. Meanwhile, TPG Inc. reported a net loss for the first quarter of 2026, with earnings per share of -$0.22, significantly missing the forecasted $0.61. This resulted in a negative surprise of 136.07%. Despite this, RBC Capital raised its price target for TPG Inc. to $60 from $59, maintaining an Outperform rating, citing strong distributable earnings per share that exceeded both their estimates and consensus expectations. The firm attributed this outperformance to higher realized carry.
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