Goldman gave clients a list of stocks that may surge if a coronavirus vaccine is approved
(This story is only for CNBC Pro subscribers ) With several Covid-19 vaccines in Phase 3 trials and preliminary data due as soon as later this month, Goldman Sachs is preparing its clients for a rebound in certain stocks and recommending tweaks to client portfolios. It grouped a list of several U.S. equities into four buckets. The first bucket includes stocks that have sold off in 2020 but should bounce back as people "'return to normal.'" The second bucket is comprised of equities that appear to have gained a competitive advantage but need their markets to reopen to capitalize. The third are those that should bounce back when global growth recovers. And the fourth bucket are those stocks that should fare well over the long term but remain shaky in the near term, even if a vaccine is approved. "While we take no view on when a vaccine will be approved for the virus, against this backdrop of potential catalysts ahead, we look across our US GIR coverage universe to identify a relatively short list of 19 stocks that our analysts believe could outperform once a vaccine is approved," wrote Goldman analyst Chris Hussey. Though the brokerage was clear to say it can't be certain as to the precise timing of widespread vaccine distribution in the U.S., Hussey noted that Goldman's economic outlook already appears more bullish than consensus. Goldman's 2021 GDP outlook for a 6% rebound, he wrote, is ahead of consensus expectations. That optimism — based on expectations for vaccine distributed before the year's end — is what led Hussey and his team to determine that these buy-rated stocks could be set for outperformance. Bucket 1: Stocks that have sold off, but should bounce back under a 'return to normal' American Campus Communities ( ACC ): "The developer, and owner, of on and off campus student housing is well-positioned to meet social distancing and virtual learning needs on campuses where students are returning for in-person and virtual learning. No near-term debt maturities coupled with a solid liquidity profile should allow the company to maintain strong balance sheet near-term." Lamb Weston ( LW ): "The French fry maker should benefit from a recovery in restaurant activity in a post-COVID environment. Importantly, commentary related to contract negotiations for CY21 with customers has been relatively upbeat, highlighting that despite near-term demand headwinds, broader industry pricing is unlikely to move sharply lower. And in the interim, LW's branded frozen potato products have been a large beneficiary of pantry-stocking and at-home cooking." Bucket 2: Stocks that appear to have gained a competitive advantage but need their markets to reopen The Walt Disney Company ( DIS ): "Few companies are positioned to benefit from a 'return-to-normal' as much as Disney whose footprint includes destination theme parks and cruises, a large movie studio, the ESPN sports television franchise, and the ABC advertising-supported broadcast television business. In the meantime, the company's less-than-year-old streaming video offering Disney+ has already attracted over 60 million subscribers,and Disney looks well positioned to build on its streaming momentum as it prepares to launch a new general entertainment video service in International markets under its Star brand." IMAX ( IMAX ): "The domestic movie theatre industry remains mostly dormant due to an absence of film product (Tenet was the first major movie to open in the United States on Sept 3) and a handful of states still restricting indoor movie theatre attendance (e.g., New York, New Jersey, California). ... IMAX is well positioned for a recovery given that it has 73% of its screens internationally and its premium large format product is a value-added feature that should better help it navigate through increased competition from in-home video alternatives." Bucket 3: Stocks that should bounce back when global growth recovers Caterpillar ( CAT ): "The global machinery and equipment supplier should benefit from an inflection in machinery capex and be helped by relatively low dealer inventories – especially if the approval of a vaccine triggers a resurgence in global demand for the industrial goods that CAT machines help extract and move. We are already seeing signs of a bottoming in retail demand and capacity utilization of machines in the field is improving." Celanese ( CE ): "The chemical company's exposure to Asia, the global auto industry and medical customers that are seeing a curtailment of elective procedures – all businesses under some pressure due to a falloff in activity during the pandemic – positions the company well for a rebound in a post-COVID environment. Nearer-term, a significantly improved and less capital intensive business mix, and strategic acquisitions have driven structurally higher cash generation capabilities." Bucket 4: Stocks that should be OK over the long term, but there may still be doubts even after a vaccine is approved Boston Properties ( BXP ): "The notion that companies will need less office space in a post-COVID world has flourished as the prospects for some employees to work from home more often(if not permanently) has risen. But BXP's balance sheet has limited near-term maturities and ample liquidity to address maturities and fund its development pipeline – and bridge the gap to a more robust return-to-office environment." Domtar ( UFS ): "A sustained return-to-work movement in a post-pandemic world would likely be accompanied by a pick-up in demand for one of UFS's core products, office paper. Additionally, with the pandemic likely permanently destroying some paper demand, the company has shut 35% of its UCFS paper making capacity recently and repurposed a portion of the shut capacity to make containerboard – capitalizing on existing plant proximity to customers that buy a lot of containerboard." — CNBC's Michael Bloom contributed reporting.

A view of Mickey Mouse at the Walt Disney World theme park entrance in Lake Buena Vista, Florida. Octavio Jones | Getty Images