With 2023 rolling along in reasonably good fashion for stock investors, the biggest buzz this year has of course been the artificial intelligence melt-up. While the trend is certainly here to stay, many of the top stocks have exploded higher and are likely overbought and ready to take a breather, which certainly seemed like the case on Thursday as investors sold the strength of the Nvidia numbers. Grabbing a hot stock going into the worst time of the year for stocks may not be the best idea right now, as many found out this week.
The safe route is the best route for many now as seasonal weakness is playing out as expected, but more aggressive growth investors have the opportunity to scoop up some stocks now at a discount that have some big-time upside potential. Investors with a risk profile that can accommodate the current environment are probably looking for Wall Street’s best ideas, and we found five of them.
One of Wall Street’s most respected lists of stocks to buy is the Goldman Sachs Conviction List. These are the firm’s top picks for high net worth and institutional investors spread across multiple sectors. We screened the list looking for the picks that had the largest upside to the Goldman Sachs assigned target prices. We found five that aggressive accounts may want to add to portfolios that have huge upside to the Goldman Sachs target price objectives.
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
First Solar
This top company is a top pick for 2023 and has been on the Goldman Sachs Conviction List of favorite stocks to buy for years. First Solar Inc. (NASDAQ: FSLR) provides photovoltaic (PV) solar energy solutions in the United States, Canada, France, Japan, India and elsewhere.
The company designs, manufactures and sells cadmium telluride solar modules that convert sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.
First Solar also develops and sells downstream solar projects and has created some of the largest solar installations in the country. While there have been some trade-related concerns over the year, solid earnings should keep a nice tailwind behind the shares. With systems business and module guidance very achievable, this is perhaps the strongest player in the industry.
Goldman Sachs has a $272 price objective for First Solar stock. The consensus target is lower at $224.24. Shares closed on Thursday at $174.42. Investors can grab a huge 65% gain if the stock hits the Goldman Sachs target.
Salesforce
This company was an innovator in customer relationship management software. Salesforce Inc. (NYSE: CRM) provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
