Goldman picks a raft of discounted global stocks — and gives two more than 100% upside
Analysts at Goldman Sachs have picked a number of global stocks it says are trading at a discount — and said two of its picks could rise more than 100% over the next 12 months. “For investors looking for attractive value, we feature stocks trading below history and the broader market, where our analysts see upside to consensus earnings,” the analysts led by John Sawtell said in a July 10 research note. The analysts picked telecommunications company BT Group , giving it an estimated 130% potential upside in the next year. Goldman analyst Andrew Lee “believes investors are yet to buy into his thesis that deregulation will support higher returns in a fibre world for best positioned operators such as BT,” according to the bank. Other stock picks on Goldman’s list include British bank Natwest , which it says could rise as much as 111%, and Deutsche Bank , with an estimated 99% upside to its price target over 12 months. Goldman also gave Lloyds Bank potential upside of 78%, and said South African technology group Naspers could rise by 71% over 12 months. ‘Upside risks’ The stocks all appear on Goldman’s list called “value buys with earnings upside potential.” “We screen for Buy rated stocks that are trading at attractive valuations relative to their own history … and the broader market ( SXXP ), where our analysts see upside risks to consensus 2023/24E EPS [earnings per share],” the analysts said. Italian bank Intesa Sanpaolo also makes the list, with Goldman analyst Chris Hallam liking the stock for its new digital bank Isybank, which gives the company “one of the most forward-leaning fintech strategies in European Financials.” The bank gave Intesta Sanpaolo a 58% potential upside to its 12-month price target. Carmaker Porsche is another pick for its “attractive equity story, given its unique luxury pure-play positioning, highly coveted product offering and a clear focus towards [the battery electric vehicle] transition,” the bank said, saying it could rise 33% over the next 12 months. — CNBC’s Michael Bloom contributed to this report.
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