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S&P 500's Hidden Gems: 27 Stocks With 30%+ Upside Potential According To Wall Street Analyst Targets

Published Dec 07, 2023 18:08 Updated Dec 07, 2023 19:10
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© Reuters. S&P 500's Hidden Gems: 27 Stocks With 30%+ Upside Potential According To Wall Street Analyst Targets
 
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Benzinga - by Piero Cingari, Benzinga Staff Writer.

The S&P 500 Index has risen by 19% year-to-date, with three weeks remaining in the year and just a five percentage point gap from the all-time highs reached in January 2022.

Despite the impressive rally in the broader stock market, closely followed by the SPDR S&P 500 ETF Trust (NYSE:SPY), only 281 stocks comprising the index, or 56% of the total, have shown positive performance since the beginning of the year.

In other terms, 44% of S&P 500 companies took the path of retreat, a rare sight in a year when the stock market’s returns were nothing short of a feast.

Investors seeking so-called “laggards” — Goldman Sachs recently dedicated an analysis to this topic — are looking for the untapped potential hidden in S&P 500 stocks that have remained well outside the bullish eye of the market in 2023.

Hunting For Laggards In A Bullish Jungle: Top 10 S&P 500 Upside Picks

The stock that currently offers the highest upside potential compared to the median price targets set by Wall Street analysts is Moderna Inc. (NASDAQ:MRNA). Moderna is trading at $78 per share, while the one-year median price target is $127.50, representing a 58% potential upside.

Not far behind in terms of potential is First Solar Inc. (NYSE:FSLR), ranking second on this list with a 56% upside potential. Third, with a 52% upside, is Albemarle Corporation (NYSE:ALB).

Looking at the top 10, what stands out is the presence of three stocks related to hotels and casinos: Wynn Resort Ltd. (NYSE:WYNN), Las Vegas Sands Corp. (NYSE:LVS), and Caesars Entertainment Inc. (NYSE:CZR), with potential upsides of 48%, 45% and 43%, respectively.

Only three stocks in the top 10 have shown positive performance year-to-date, including Wynn Resort Ltd., Caesars Entertainment Inc., and Warner Bros Discovery Inc. (NASDAQ:WDB).

Name Industry Last Price Median Price Target Target % Price Change % (YTD)
Moderna, Inc. Biotechnology 78.83 127.50 58.19% -56.44%
First Solar, Inc. Semiconductors and Semiconductor Equipment 143.66 227.00 56.24% -4.07%
Albemarle Corporation Chemicals 122.37 180.00 52.16% -43.56%
Aptiv PLC (NYSE:APTV) Automobile Components 81.09 121.00 49.60% -12.73%
Wynn Resorts, Limited Hotels, Restaurants and Leisure 83.21 122.00 48.06% 1.13%
Incyte Corporation (NASDAQ:INCY) Biotechnology 55.16 82.00 47.96% -31.21%
Warner Bros. Discovery, Inc. Entertainment 11.09 16.00 46.52% 16.56%
Las Vegas Sands Corp. Hotels, Restaurants and Leisure 45.09 65.00 44.99% -5.99%
Caesars Entertainment, Inc. Hotels, Restaurants and Leisure 43.73 62.00 42.82% 4.76%
Bio-Rad Laboratories, Inc. (NYSE:BIO) Life Sciences Tools and Services 309.62 441.00 42.03% -26.23%

Look Who’s In 17th Place

Beyond the glittering top 10, there’s a basket of stocks offering compelling upside potential, ranging from 30% to 41%.

What truly raises eyebrows is the appearance of NVIDIA Corp. (NASDAQ:NVDA) in the 17th position.

With a jaw-dropping year-to-date performance of 215%, Nvidia has been the star of the S&P 500 in 2023.

Wall Street’s appetite for the chipmaker giant seems insatiable. Nvidia’s median price target set by analysts, with a one-year horizon in mind, stands at $630 per share. This projection implies a rally of 38.45% from its current trading price.

Diving into the mix, we find a significant presence of stocks hailing from the energy sector.

Names like APA Corp (NYSE:APA), Halliburton Company (NYSE:HAL), Schlumberger NV (NYSE:SLB), and Marathon Oil Corp. (NYSE:MRO) each flaunt an enticing 40% upside potential, while Baker Hughes Company (NYSE:BKR) screens a 31% upside potential.

Name Industry Last Price Median Price Target Target % Price Change % (YTD)
APA Corporation Oil, Gas and Consumable Fuels 34.12 48.00 41.05% -26.71%
Halliburton Company Energy Equipment and Services 34.80 49.00 40.56% -11.56%
Schlumberger Limited Energy Equipment and Services 48.90 69.00 40.44% -8.55%
Marathon Oil Corporation Oil, Gas and Consumable Fuels 23.76 33.00 40.19% -12.19%
MGM Resorts International (NYSE:MGM) Hotels, Restaurants and Leisure 40.12 55.00 39.70% 19.49%
United Airlines Holdings, Inc. (NASDAQ:UAL) Passenger Airlines 41.92 57.00 39.26% 11.13%
NVIDIA Corporation Semiconductors and Semiconductor Equipment 463.05 630.00 38.45% 215.83%
The Cigna Group (NYSE:CI) Health Care Providers and Services 256.13 351.00 36.32% -22.62%
LKQ Corporation (NASDAQ:LKQ) Distributors 45.16 61.50 35.70% -15.39%
Corteva, Inc. (NYSE:CTVA) Chemicals 44.29 59.50 34.77% -24.71%
Alaska Air Group, Inc. (NYSE:ALK) Passenger Airlines 36.00 48.00 34.57% -16.35%
BorgWarner Inc. (NYSE:BWA) Automobile Components 32.95 44.00 34.43% -17.96%
Align Technology, Inc. (NASDAQ:ALGN) Health Care Equipment and Supplies 217.97 290.00 33.72% 3.58%
Live Nation Entertainment, Inc. (NYSE:LYV) Entertainment 82.64 110.00 33.27% 18.32%
Biogen Inc. (NASDAQ:BIIB) Biotechnology 237.89 311.00 32.98% -14.37%
Baker Hughes Company Energy Equipment and Services 31.97 41.75 31.04% 8.16%
Johnson Controls International plc (NYSE:JCI) Building Products 55.22 72.00 30.81% -13.75%

Read Now: Microsoft (NASDAQ:MSFT) Vs. Meta (NASDAQ:META) — Analyzing $1,000 Investments From May 18, 2012

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

S&P 500's Hidden Gems: 27 Stocks With 30%+ Upside Potential According To Wall Street Analyst Targets
 

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