Goldman Sachs has updated its top European stock picks for January, rating five stocks with an upside of at least 70%, including one as high as 147%. Here’s where the investment bank sees the biggest upside on their 12-month price targets, in order: Ceres Power The U.K.’s Ceres Power could return a 147% upside, according to Goldman analysts. They see the company, which manufactures products for power generation, including for hydrogen, as a “leading fuel cell player with licensees positioned to benefit from next wave of Datacentre growth.” Ceres Power’s stock is up 17% over the past 12 months. Online retailer Zalando Goldman analysts kept a positive outlook on German retailer Zalando , whose share price has shed more than 23% over the past year. In December, analysts expected an upside as high as 90% , calling Zalando an “online channel shift winner with underappreciated upside from About You acquisition.” The analysts stuck by their rationale but tapered back expectations in January and are now expecting an upside of 78%. In the month between the publication of the two lists, Zalando’s share price moved over 7% higher. Hon Hai Hon Hai ‘s growth acceleration from both AI servers and smartphones has caught Goldman analysts’ attention, reaffirming their position from last month’s conviction list. They gave the multinational electronics manufacturer an upside of 75%. Its share price has fallen more than 25% over the last 12 months, but advanced nearly 3.8% in December. U.K. finance firm Wise British finance firm Wise , whose share price has slipped a fifth over the last year, is tipped for a 72% upside. It was also on the December list, with its stock rising almost 1.7% over the month . Analysts expect better growth in 2026 with “higher visibility plus cash returns.” Horizon Robotics Analysts expect China’s Horizon Robotics to earn a 71% upside due to its upgraded product mix that will “capture high end smart-driving demand.” It represents a dip in expectations, however, as analysts eyed a 94% upside in on their 12-month price targets last month. The firm, which develops AI chips for self-driving cars, saw its share price soar over 138% over the 12 months. It gained 11% in December.