These stocks rallied in 2023 — and Goldman Sachs says they still have major upside ahead
2023 was a strong year for stocks — and markets are still running hot so far this year. The S & P 500 spiked around 24% in 2023, recovering from a bear market in 2022. Stocks around the world also made gains, with the the FTSE All World Ex U.S. index jumping 16.2% in 2023. In a recent March note, Goldman Sachs said the recent rally has driven the share of market cap in stocks with "extremely high valuations" to levels similar to during the "euphoria of 2021." That stock outperformance happened despite higher yields, it noted. However, it believes that the prevalence of extreme valuations today looks "far less widespread" than in 2021 after adjusting for market concentration. Elsewhere, Goldman continues to forecast a faster pace of disinflation than what's in the European Central Bank's projections. Accordingly, it continues to predict that the ECB will deliver five back-to-back cuts this year and two cuts in the next. With that backdrop in mind, investors might be wondering which names have more upside. CNBC Pro trawled through Goldman's analyst research as well as latest global conviction lists to find stocks that made significant gains in 2023, but still have more than 30% potential upside in 2024, based on the bank's latest price targets. Here's the list. — CNBC's Michael Bloom contributed to this report.