There is an issue with Lead conversion in Lightning, as it just shows a maximum of 20 Opportunities to select from, and many of our customers have way more than that.
Please help upvoting the following Idea to lift this limit: https://success.salesforce.com/ideaView?id=0873A000000TvGmQAK
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That's an interesting use case. I would assume most companies create a new opp for leads.
Are you adding multiple leads to the same opp if the leads are part of the same buying group researching the same solution as the existing opp?