Diageo PLC (NYSE: DEO) was one of three picks in consumer staples, because you know the Europeans and Americans alike are going to pound down booze whether they are happy or sad. Credit Suisse sees 13% upside here in its base case. The top picks report said:

We forecast a returns inflection point after a three year decline led by the faster growth Scotch and India operations – there is scope to unlock value through a beer disposal. It’s Scotch returns should accelerate as demand improves, investment requirements ease and on FX tailwinds.

Royal Dutch Shell PLC (NYSE: RDS-A) was one of the two integrated oil and gas top picks at Credit Suisse. Credit Suisse sees almost 17% upside in its model case for Shell, without its dividend considered. The report said of Shell’s transition:

The NewCo will be a less capital-intensive version of its former self with greater scale and scope around key focus areas and will allow it to re-prioritize investments and derisk the dividend.

Barclays PLC (NYSE: BCS) was one of the seven top Outperform picks among the seven European banks with active ADSs traded in New York.  Barclays was given over 31% upside at the base case projection, if Credit Suisse is right here. Some of the reasons included in Credit Suisse’s investment synopsis for its top picks universe were as follows:

• Risk is firmly to the upside.
• Offers the strongest rerating potential among U.K. banks at 0.7 times its tangible net asset value.
• The market assumes cost-of-equity returns are impossible for Barclays.
• Expects improvement for the core bank with 8% return on tangible equity.
• Expectations for the investment bank remain very low.
• Corporate & Investment Bank consumes about 60% of the capital but accounts for just one-third of Credit Suisse’s fair value for the group.
• Management seeks to reallocate low-return capital to the markets business and to optimize liabilities.

Shire PLC (NASDAQ: SHPG) and Sanofi (NYSE: SNY) were the two top picks in European pharmaceuticals. The upside was represented at the base case to be up 35% for Shire and 16% for Sanofi.

Credit Suisse described Sanofi:

Sanofi shows one of the highest potential upsides across all the valuations of EU Majors. The base business, outside of diabetes, is continuing to perform as expected, with strong cash generation. Sanofi has a very strong position in rare diseases, multiple sclerosis, vaccines and from 2017 is No. 3 in OTC healthcare.