5 Undervalued Stocks to Buy According to Goldman Sachs

In this piece, we will take a look at five undervalued stocks to buy according to Goldman Sachs. If you want to take a deeper look at the bank’s economic predictions, then check out 10 Undervalued Stocks to Buy According to Goldman Sachs.

5. Amazon.com, Inc. (NASDAQ:AMZN)

Share Price Upside: 23%

Average Analyst Share Price Target: $169.91

Amazon.com, Inc. (NASDAQ:AMZN) is another mega cap stock that has done well this year in terms of both share price and financial performance. There’s a bit of intrigue brewing up these days for its satellite internet subsidiary, as shareholders allege that Amazon.com, Inc. (NASDAQ:AMZN) overlooked cost benefits when deciding to not to work with SpaceX to launch low Earth orbit (LEO) satellites.

During Q2 2023, 278 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in Amazon.com, Inc. (NASDAQ:AMZN). Out of these, the firm’s largest shareholder is Ken Fisher’s Fisher Asset Management through a $5.3 billion investment.

4. NVIDIA Corporation (NASDAQ:NVDA)

Share Price Upside: 28%

Average Analyst Share Price Target: $619.69

NVIDIA Corporation (NASDAQ:NVDA) is perhaps the hottest stock on the market right now when it comes to media attention and share price performance. The firm is currently busy assuring investors that it will be able to meet the early wave of demand for AI products, on which most of its recently stellar valuation is based.

Goldman Sachs trimmed its NVIDIA Corporation (NASDAQ:NVDA) stake by 3% during this year’s June quarter, but it still owns a sizeable $6.3 billion. Speaking of hedge funds, 175 out of the 910 polled by Insider Monkey had invested in the company during the same time period out of which the biggest stakeholder is Rajiv Jain’s GQG Partners with a $5.8 billion investment.

3. InterDigital, Inc. (NASDAQ:IDCC)

Share Price Upside: 28%

Average Analyst Share Price Target: $110

InterDigital, Inc. (NASDAQ:IDCC) is a small American telecommunications company headquartered in Wilmington, Delaware. It was a fresh addition to Goldman Sachs’ latest investment portfolio, as the bank scooped up $2.2 billion worth of shares during 2023’s second quarter.

During the same time period, 24 out of the 910 hedge funds part of Insider Monkey’s survey had bought InterDigital, Inc. (NASDAQ:IDCC)’s shares. Spencer M. Waxman’s Shannon River Fund Management is the largest shareholder among these since it holds a $59.7 million stake.

2. American Tower Corporation (NYSE:AMT)

Share Price Upside: 29%

Average Analyst Share Price Target: $232.35

American Tower Corporation (NYSE:AMT) is a real estate company that owns and operates telecommunications properties. Trouble in the communications industry has affected the firm’s financial performance this year, but the stock is rated Buy on average.

As of June 2023, 60 hedge funds part of Insider Monkey’s database of 910 hedge funds were the firm’s investors. Goldman Sachs owned a $1.3 billion stake in the company during the same time period, while American Tower Corporation (NYSE:AMT)’s biggest hedge fund investor is Charles Akre’s Akre Capital Management through a stake worth $1.3 billion.

1. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Share Price Upside: 82%

Average Analyst Share Price Target: $294.64

SolarEdge Technologies, Inc. (NASDAQ:SEDG), as the name suggests, is a solar power company. The firm is currently seeking to balance a boom in demand for its products in Europe while sales in China and California might slow down.

43 out of the 910 hedge funds part of Insider Monkey’s Q2 2023 database had held a stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG). D. E. Shaw’s D E Shaw is the largest shareholder among these, through its $404 million stake. Goldman Sachs owns 14.4 million shares worth $1.7 billion.

Disclosure: None.  You can also take a look at Goldman Sachs Solar and Green Energy Stocks: Top 10 Stock Picks and Goldman Sachs Dividend Stocks: Top 12 Stock Picks.

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