Goldman Sachs has added a number of stocks to its lists of top picks for August. Called the “Conviction List – Directors’ Cut,” the lists — which are updated monthly — encompass the United States, Europe and Asia-Pacific. These lists are the bank’s “curated and active” picks of between 15 and 30 top buy-rated stocks for each region. These are three stocks that the Wall Street bank added for the month. SSE Goldman says London-listed energy company SSE will experience “multi-year growth.” It said its networks growth is underappreciated, noting that the U.K. is going through a “sizeable” increase in power network investment. That would present a “strong demand picture” ahead, the bank said. “SSE’s leading capabilities vs. peers position it well to capture this investment growth, which … extends beyond the company’s current capex plan and warrants a valuation re-rating,” said Goldman. Goldman gave the stock a price target of 2,499 pence ($31.79), or about 34% upside. Stocks in the U.K. trade in pence. Lenovo The proliferation of artificial intelligence PCs, among other factors, is set to drive a “re-acceleration” in Lenovo’s growth, together with expanding margins, Goldman said. “In addition, the contribution from general servers is improving through share gains and product mix upgrades, as well as better [graphics processing unit] supply helping with their AI server ramp up,” the bank said. Goldman gave the stock a price target of 13.98 Hong Kong dollars ($1.79), or about 46% upside. GigaDevice Specialty DRAM (dynamic random access memory) is set to be a primary driver for semiconductor firm GigaDevice , said Goldman. DRAM is a type of semiconductor memory needed for data processing, and as the use of AI grows, so will the need for memory. Goldman expects specialty DRAM to contribute between 15% and 23% of the firm’s total revenue in 2024 and 2025, respectively, and 34% and 50% of incremental net profits in those two years, respectively. That would lead to a half-on-half year net profit growth in the second half of this year, and 100% year on year for such growth in 2025, according to the bank. Goldman gave the stock a price target of 125 Chinese yuan ($17.51), or nearly 61% upside. — CNBC’s Michael Bloom contributed to this report.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
