Tech stocks have already had a strong year, but one corner of the sector has more "appealing" opportunities in store for investors, according to Goldman Sachs. Software stocks that Goldman covers have already soared 37% in the year to date, said the bank in a July 21 note. But the investment bank expects they'll go even further.
Six software stocks Goldman said these stocks still offer strong investment opportunities: Adobe , Salesforce , Monday.com , Microsoft , ServiceNow , Workday . "With Gen-AI presenting a strong top-line tailwind, we also see many of these names re-rating higher given below-average EV/FCF multiples," Goldman said, referring to the ratio between enterprise value and free cash flow. Here's their average upside to price targets given by analysts covering them, according to FactSet.
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