Goldman analysts say these stocks have the most downside potential

  • 📰 CNBC
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

A slate of names, including a few with solid 2023 gains, could take a fall, the firm said.

Western Digital and Intel are up by double digits in 2023, but Goldman Sachs says these shares may see sharp declines. Despite a volatile interest rate environment and a rough third quarter, the Wall Street firm maintains an overall positive outlook on the equity market. Chief U.S. equity strategist David Kostin predicts that the S & P 500 will rise by 5% to 4,500 by year end, citing roughly flat multiples and modest earnings growth.

This summer, Western Digital issued weak guidance for its fiscal first quarter, calling for a loss ranging between $2.10 and $1.80 per share, excluding items. Analysts polled by FactSet called for a loss of $1.43 per share. Goldman also expects chip giant Intel to dive 21%. Shares are already up 35% in 2023. In July, Intel posted second-quarter results that showed a return to profitability following two consecutive quarters of losses.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines