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…. |
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