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Financials : Capital Markets | Large Cap Value
Company profile

The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services across investment banking, securities, investment management and consumer banking to a diversified client base that includes corporations, financial institutions, governments and individuals. The Company segments include Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment includes financing, advisory services, risk distribution, and hedging for its institutional and corporate clients, including Fixed Income, Currency and Commodities (FICC) and Equities, Investment Banking and Marquee. The Asset & Wealth Management segment includes advice, investing, and execution for institutions and individuals across public and private markets. The Platform Solutions segment includes consumer platforms, such as partnerships offering credit cards and point-of-sale financing, and transaction banking and other platform businesses.

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Today's volume of 1,476,701 shares is on pace to be much lighter than GS's 10-day average volume of 4,214,926 shares.


20 EV stocks that could rebound the most in 2023

9:54 am ET December 31, 2022 (MarketWatch)

By Philip van Doorn

EV stocks have been pummeled this year, but the long-term growth thesis is intact

Even as electric-vehicle sales have been gaining traction, associated stocks have been crushed during 2022, led by Tesla.

Below is a screen of stocks of companies involved in the development, production or charging of electric vehicles that analysts believe will soar (or recover) the most over the next 12 months.

There are many different ways for investors to ride the EV trend. One favorite industry stock, Tesla Inc. (TSLA), has been crushed. CEO Elon Musk has sold shares, in part to help fund his purchase of Twitter, which he took private in November. According to calculations by Dow Jones Data and MarketWatch, Musk has sold $39.3 billion worth of Tesla shares since November 2021. He said last week he wouldn't sell any more for at least the next year and a half.

Tesla's stock has fallen 68% during 2022, which has placed a drag not only on the S&P 500 , but on any exchange-traded fund focused on the EV space.

This doesn't mean that consumers or governments trying to reduce greenhouse emissions are shying away from electric vehicles. In its Global EV Outlook for 2022, published in May, the International Energy Agency said the number of electric vehicles on the road worldwide had tripled in three years to 16.5 million in 2021. That included battery electric vehicles (BEV) and plug-in hybrids (PHEV). EV sales during 2021 nearly doubled to 6.6 million, according to the IEA, with BEV making up about 70% of sales "[a]s in previous years."

In projections that were updated in October, the IEA said that under current government policies it expected EVs to make up more than 25% of total global light-vehicle sales in 2030, with BEVs making up about two-thirds of sales. But under government policies tied to a "sustained development scenario," the IEA projected EV sales would exceed 45% of total vehicle sales in 2030.

Looking at Tesla, which is still the BEV bellwether, 343,830 vehicles were delivered during the third quarter of 2022, up 42% from a year earlier.

Musk's sale of Tesla shares, as well as all the distractions in the aftermath of his Twitter purchase and work as CEO of the social media platform, may not affect the long-term outlook for EV adoption, even if they might place a drag on Tesla's sales going forward.

Tesla's stock ended 2021 with a forward price-to-earnings ratio of 120.3, which was very high, compared with a P/E of 21.4 for the S&P 500 . But the stock's decline, along with rising profits for Tesla, have brought its P/E ratio down to 20, compared with 16.5 for the index.

So Tesla is no longer an expensive stock, especially for a company growing so quickly. You can expect more short-term jitters for Tesla, especially with the shutdown of its factory in Shanghai, and Musk's ongoing Twitter saga. Maybe a broad approach to the EV space is best for long-term investors.

Screening EV stocks

There are different broad approaches investors might take to ride along with EV adoption over the years. One way to do this is to focus on batteries -- especially lithium and other raw materials used to make them. Two exchange-traded funds that follow this space are the $3.5 billion Global X Lithium & Battery Tech ETF (LIT) and the Wisdom Tree Battery Value Chain and Innovation Fund (WBAT).

For the following EV-related stock screen, we are starting with the holdings of three ETFs that take broad approaches to the space:

You can click on each ETF's ticker to learn more and see a list of its top 25 holdings.

Together, the three ETFs hold 195 stocks. We pared the list to 156 companies covered by at least five analysts polled by FactSet.

Here are the 20 stocks on the list with at least 75% "buy" or equivalent ratings that have the most upside potential over the next 12 months, based on consensus price targets:

Company                                                    Ticker      Country       Share "buy" ratings  Dec. 28 price  Price target  Implied 12-month upside potential 
Li Auto Inc. Class A                                       HK:2015     China                         94%          74.25        222.47                               200% 
Innoviz Technologies Ltd.                                  INVZ        Israel                        83%           3.58          9.50                               165% 
ChargePoint Holdings Inc. Class A                          CHPT        U.S.                          76%           8.31         20.82                               150% 
Piedmont Lithium Inc.                                      PLL         U.S.                         100%          41.64        104.18                               150% 
 XPeng Inc. Class A                                        HK:9868     China                         83%          37.75         91.04                               141% 
Indie Semiconductor Inc. Class A                           INDI        U.S.                          83%           5.80         13.50                               133% 
Tianqi Lithium Corp. Class H                               HK:9696     China                         89%          59.05        132.42                               124% 
L & F Co. Ltd.                                             KR:066970   South Korea                   93%     171,400.00    361,333.34                               111% 
Lithium Americas Corp.                                     CA:LAC      Canada                        93%          25.42         50.45                                98% 
Renesas Electronics Corp.                                  JP:6723     Japan                        100%       1,187.00      2,190.00                                84% 
Coherent Corp.                                             COHR        U.S.                          84%          32.22         59.19                                84% 
Iljin Materials Co. Ltd.                                   KR:020150   South Korea                   91%      51,800.00     94,645.45                                83% 
Nio Inc. ADR Class A                                       NIO         China                         83%           9.80         17.81                                82% 
Guangzhou Automobile Group Co. Ltd. Class H                HK:2238     China                         86%           5.25          8.75                                67% 
Ecopro BM Co. Ltd.                                         KR:247540   South Korea                   83%      92,200.00    151,891.30                                65% 
Kia Corp.                                                  KR:000270   South Korea                   91%      60,900.00     97,652.17                                60% 
Stellantis NV                                              IT:STLA     Netherlands                   76%          13.12         20.92                                59% 
BYD Company Ltd. Class H                                   HK:1211     China                         89%         193.00        305.64                                58% 
Beijing Easpring Material Technology Co. Ltd. Class A      CN:300073   China                         82%          57.92         91.62                                58% 
Shanghai Putailai New Energy Technology Co. Ltd. Class A   CN:603659   China                         83%          53.78         83.06                                54% 
                                                                                                                                                         Source: FactSet 

Click on the tickers for more information about the companies.

Click here for Tomi Kilgore's detailed guide to the wealth of information available for free on the MarketWatch quote page.

Tesla didn't make the list. Out of 44 analysts polled by FactSet, 28 (or 64%) rate the shares a "buy" or the equivalent. The stock closed at $112.71 on Dec. 28 and the consensus price target is $265.75. The analysts expect Tesla's stock to double over the next year.

-Philip van Doorn


(END) Dow Jones Newswires

December 31, 2022 09:54 ET (14:54 GMT)

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