From tech to commodities, Goldman Sachs' additions to its list of top stocks have major upside potential.
Goldman Sachs has this year added a number of stocks to its conviction list — buy-rated stocks it expects to outperform — giving them further share price upside. Rio Tinto Its most recent addition was Australian miner Rio Tinto on March 3. It comes as Goldman Sachs turns bullish on commodities such as iron ore on the back of an expected recovery in China.
The bank raised its 12-month price target on the stock to $132, representing upside of more than 100% from the New York-listed stock's Thursday close. Goldman reiterated its buy rating for the firm in a Feb. 16 note, saying it believes the stock will outperform on profitability this year, and demonstrate a return to growth. The company's online shopping platform Shopee and gaming arm Garena are two of its main money-making divisions.
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