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Goldman Sachs released its list of high conviction stocks — with a new twist. What makes this list unique from the typical top picks list is that members of Goldman's Investment Review Committee were the ones choosing the names, adding a second layer of analysis. Take a look at some of the names that made the list, and where Goldman sees them going forward. Goldman expects shares to have 42% upside over the next 12 months. The tech giant's scale, platform breadth, category diversification and end-market exposure will further fuel its upside opportunity in the years ahead, according to Sheridan.

Persons: Goldman Sachs, Steven Kron, Goldman, Kate McShane, Chris Shibutani, Eric Sheridan, Brett Feldman, Max —, — CNBC's Michael Bloom Organizations: Goldman's Investment, Pharmaceutical, Merck, Goldman, Amazon, Services, Warner Bros, HBO Max Locations: Sheridan, WarnerMedia

Macy's also slashed its full-year earnings and sales guidance, after "demand trends weakened" for discretionary items in March. Dollar General — Shares tumbled 9% after the company reported an earnings and revenue miss for the first quarter. The lingerie retailer reduced its full-year revenue guidance in the low-single digits range from the prior mid-single digit range estimates. Veeva also raised its full-year earnings per share guidance by 26 cents. The company's full-year revenue guidance also topped analysts' estimates.

Persons: Nordstrom, Nordstrom's, Salesforce, Okta, Okta's, Macy's, CrowdStrike's, Refinitiv, Veeva, Macheel, Samantha Subin, Jesse Pound, Michelle Fox Organizations: BMO Capital, Saudi Arabia's Public Investment Fund, Chewy, —, JPMorgan, CSX, UBS, Systems Locations: New York City, Canada

Sovos Brands , which owns the pasta sauce brand Rao's, is "full of pasta-bility while making sauce and cents," according to Needham. "Growth in pasta sauce coupled with brand extension into adjacent categories provides ample opportunity for Rao's brand growth," analyst Matt McGinley wrote in a Wednesday note. McGinley initiated a buy rating on Sovos shares. "With operating leverage driving margin expansion, EBITDA and cash flow will grow faster than the top line, in our view. Sovos shares have jumped about 29% year to date.

Persons: Matt McGinley, McGinley, Needham, Sovos, " McGinley, — CNBC's Michael Bloom Organizations: Brands Locations: Needham, Tuesday's

Analyst Brent Bracelin raised his price target on shares to $400 from $348, saying he was increasing estimates "for an AI All-Star." Recall, Microsoft Cloud is poised to exceed $110B in F2023 which is larger than the entire business in F2013 at $78B. We think the Microsoft AI opportunity could be bigger than cloud," Bracelin wrote in a Tuesday note. Microsoft shares have been on fire this year, surging more than 38%, as excitement grows around the prospects of artificial intelligence. The analyst added, however, that "AI tailwinds can justify further multiple expansion as AI news flows further converts into higher confidence in out-year growth."

Persons: Piper Sandler, Brent Bracelin, MSFT, Bracelin, Michael Bloom Organizations: Microsoft Locations: Seattle

American Express is one of Wells Fargo's top picks for a tougher recession scenario. The firm said the payment card company has an excellent risk-reward valuation — even in the case of revenue growth being cut in half. "Their ability to flex peak investment expense is a powerful lever," Wells Fargo said in a Wednesday client note. "We view AXP shares as quite defensive, and it's our Top Pick. We believe their earnings would hold up better than many expect should we head into a tougher economic environment than the mild recession we assume.

Persons: Wells Fargo's, Wells Fargo, Donald Fandetti, Fandetti, — CNBC's Michael Bloom Locations: Wells

Avis Budget has been "left behind, without cause," opening up a buying opportunity for investors, according to Deutsche Bank. Analyst Chris Woronka upgraded shares to buy from hold. He also raised his price target to $263 from $239, implying 61% upside potential from Tuesday's close. CAR YTD mountain CAR year to date "It is no secret that CAR's earnings have benefited from gains on the resale of its vehicles for some eight quarters now, or that the company's pricing metric ('RPD') remains some 36% ahead of comparable 2019 levels on a TTM basis. "Buy the laggard," Woronka added.

Persons: Chris Woronka, Woronka, Avis, — CNBC's Michael Bloom Organizations: Avis Budget, Deutsche Bank

Now is the time to buy SeaWorld shares, according to Goldman Sachs. Analyst Lizzie Dove initiated coverage on the Florida theme park with a buy rating. Despite investor caution on park stocks amid an uncertain macro environment, Dove said the risk has already been priced into shares. The analyst cited SeaWorld's high exposure to the growing Orlando market, which she noted gives it admissions pricing power. Dove added the park could struggle to increase its staffing due to its lower hourly wage compared to its competitors.

Persons: Goldman Sachs, Lizzie Dove, Dove, — CNBC's Michael Bloom Organizations: SeaWorld, Disney, Universal Locations: Florida, Tuesday's, Orlando

Fundstrat Global Advisors' head of research, Tom Lee, thinks earnings and valuations will reemerge as a top priority in coming weeks with much of the debt ceiling overhang lifted. "That's going to also be valuation and valuation is really anchored or constrained by what the Fed's doing, and the Fed is fighting inflation," he added. President Joe Biden and House Speaker Kevin McCarthy reached a deal over the weekend to raise the debt ceiling. Lee added that cooling inflation and prospects of a Federal Reserve rate hike pause also present further opportunity for investors. Conversely, Lee said he is avoiding sectors such as utilities, consumer staples and many health-care names that have become expensive in recent months.

Bernstein said it's bullish on electric power infrastructure company Quanta Services "in a full embrace of the energy transition." "PWR owns the picks and shovels that will be used to make the energy transition a reality," analyst Chad Dillard wrote in a Monday note. Dillard estimated transitioning the entire U.S. economy to electric power will require $2 trillion of power grid spending. PWR has more labor than the next 3 competitors combined, and can mobilize and deploy labor better than anyone else," said Dillard. Quanta's business is also positioned to benefit from the Inflation Reduction Act spending, which is driving an increase in solar and wind farm construction, Dillard added.

Ford Motor could be in for big gains ahead, according to Jefferies. Analyst Philippe Houchois upgraded the company's shares to buy from hold in a Tuesday note. The firm said Ford's recent investor event raised its confidence that the automaker has a solid plan and management that will help it close a gap with its rivals. "There is something grounded and 'back-to-basics' in Ford's strategy of focusing on its strengths." Houchois thinks the company's road map to improvement across three of its divisions — Ford Blue, Model e and Ford Pro — is helping the company do more with less.

Kenvue is well-positioned for accelerated growth following its separation from parent company Johnson & Johnson, according to JPMorgan. Following its spinoff earlier in May, Kenvue is the largest pure-play consumer health company in the world. The company holds commonly-known brands such as Neutrogena, Tylenol, Aveeno and Zyrtec — amounting to 10 brands with sales greater than $400 million. "We view KVUE as uniquely positioned to benefit from consumer mega trends (self-care, aging)." JPMorgan thinks Kenvue is still trading at an attractive valuation despite jumping since its May 3 IPO, which was priced at $22 per share.

As the summer approaches, Roth thinks investors should buy shares of Boston Beer . Analyst Bill Kirk upgraded shares to buy from neutral. The bank was previously cautious on the beverage group's shares — but it now says warmer weather and gross margin improvements make it optimistic. Kirk also said that Boston Beer has a long track record as a leader in many of the emerging growth segments in the alcoholic beverage sector. We believe volatility will ease and topline and margin upside will begin a period of upside.

Bank of America thinks electric vehicle charging company ChargePoint is well-positioned to capitalize on industry and regulatory tailwinds. Analyst Alex Vrabel upgraded shares to buy from neutral. His new price target of $14 implies a 65% rally from Friday's close. "CHPT [is] a best-in-class way to play [the] EV charging theme," he added. Despite the decline, Vrabel said the company's fundamentals remain intact and that he is comfortable on the "line of sight to cash inflection.

While crypto exchange Coinbase may seem volatile, the stock presents attractive returns for investors willing to wait out until the longer term, according to Atlantic Equities. The firm upgraded Coinbase shares to overweight from neutral. Despite the volatility of crypto markets that is reflected in the company's fundamentals, the analyst says Coinbase remains the "best expression of crypto." He noted that "a 10% move in crypto market cap impacts our target by about 7-8%, making Coinbase the best way to express a view on the crypto market." COIN YTD mountain Coinbase stock —CNBC's Michael Bloom contributed to this report.

As several macro overhangs weigh on the markets, UBS named its most compelling plays for the rest of 2023. Meta shares have surged more than 117% year to date amid numerous cost-cutting measures, which CEO Mark Zuckerberg termed as the company's " year of efficiency ." Pharmaceutical giant Eli Lilly is another stock UBS thinks can outperform during uncertain times. The bank added that, "Beyond Mounjaro, LLY has a robust pipeline including late-stage Alzheimer's asset donanemab and promising next-generation obesity/T2D assets." UBS thinks the company will continue to benefit from the liquified natural gas backlog, as European countries look for alternatives to Russian gas.

Tech stocks have been having a breakout year after a difficult end to 2022. While many tech stocks have surged year to date, some are trading cheaper than their peers. The S & P 500 tech sector is the best performer year to date, jumping about 33% in 2023. Hewlett Packard Enterprise is the cheapest tech stock on the list. The company is trading at a relative P/E ratio of just 0.27 compared to the broad market tech sector.

It may seem too late to jump into Nvidia — as the stock surged 25% a day after the company posted blockbuster earnings — but several investors say there's still time to get in. Ritholtz Wealth Management CEO Josh Brown said he has been in the stock for about eight years. The trajectory is likely an upward one for Nvidia as demand for artificial intelligence chips grows over time, he added. NVDA 1D mountain Nvidia shares He encouraged others who also don't currently own shares to take their time in starting to build their positions. "It's always prudent when a stock moves as much as it already has … to take something off the table.

Persons: Josh Brown, Brown, Jim Lebenthal, hasn't, I'm, Lebenthal, Jason Snipe Organizations: Nvidia —, Ritholtz Wealth, Nvidia, Cerity Partners, Odyssey Capital Advisors

RBC Capital Markets thinks strong gains are in store for Toll Brothers as demand improves. The firm thinks sentiment surrounding the luxury homebuilder's shares have been "overly negative." Analyst Mike Dahl said "given TOL's high-end, West Coast and build-to-order exposures," recent trends show the company has experienced improvement similar to its peers. Toll Brothers announced its fiscal second-quarter earnings Tuesday after the bell. However, the analyst believes Toll Brothers is a relative outperformer due to its resilient margins profile higher than its peers' average and an inexpensive valuation.

Persons: Mike Dahl, Dahl, TOL, Toll, — CNBC's Michael Bloom Organizations: RBC Capital Markets, Toll Brothers, 1Q Locations: West Coast

While the overall market awaits a debt ceiling deal, certain stocks are forming notable patterns followed by chart analysts: the bullish golden cross and the dreaded death cross. Meanwhile, a death cross is the exact opposite. Stocks closing in on a death cross pattern include American Express and United Parcel Service. A bullish pattern forms Shares of paint company Sherwin-Williams are forming a bullish golden cross. Shares of shipping giant UPS are also on pace to form a death cross.

Persons: Sherwin, Williams, Refinitiv, Carol Tomé Organizations: CSX, American Express, United Parcel Service, CNBC, Abbott Laboratories, U.S . Food, Drug Administration, Mobile Locations: U.S

Goldman Sachs believes the current downturn in the energy sector has created attractive opportunities for investors. The energy sector is down 9.4% in 2023, the largest decline among the 11 major S & P 500 sectors. Goldman attributes the energy sector's underperformance to a combination of macroeconomic conditions. Mild winter temperatures drove lower natural gas prices, and Russian oil supplies were s well higher-than-expected. Goldman also picked oil services company Halliburton as an underappreciated energy name.

Vadym Boychenko, mayor of Mariupol, at his office in the city hall of Mariupol, Ukraine, on Wednesday, Jan. 12, 2022. Russian service members work on demining the territory of Azovstal steel plant during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 22, 2022. A view shows the building of a theatre destroyed in the course of Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 10, 2022. Before Russia's invasion last February, Mariupol was affectionately known as the mighty Ukrainian city with a fierce, steel heart. A local resident reacts while speaking outside a block of flats heavily damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 18, 2022.

The shoe retailer missed analysts' expectations on both earnings and revenue in the first quarter. Catalent lowered its full-year earnings and revenue guidance ahead of its business update call. Applied Materials – Shares of the chip maker slipped more than 1% premarket despite the company posting earnings and revenue for the most recent quarter that beat expectations on Wall Street. DXC posted revenue that came in below analysts' expectations from FactSet and earnings that were about in line with expectations. Deere — The tractor maker's shares rose almost 4% after it announced an earnings and revenue beat for its fiscal second-quarter.

The markets are headed toward a positive week and certain stocks stood out from the rest. The S & P 500 and Nasdaq Composite were up 1.5% and 2.9% week to date, respectively. Regional bank stocks were among this week's most notable gainers after a difficult few weeks. Regional bank stocks Comerica and Zions Bancorporation saw the largest gains this week, with shares surging 22.7% and 21.8%, respectively. Semiconductor design company Synopsys ' stock jumped 12.5% week to date and hit a new 52-week high Friday.

Walmart — Shares of the big box retailer rose slightly after the company reported an earnings and revenue beat for the fiscal first quarter. However, its adjusted earnings guidance for the fiscal second quarter came in lower than expectations. Bath & Body Works — The retailer's shares jumped more than 9% after its fiscal first quarter earnings topped expectations. Take-Two Interactive — Shares surged almost 13% and hit a new 52-week high following the company's earnings announcement Wednesday. To be sure, the company's guidance for bookings in the first-quarter and full-year fell below Wall Street's expectations.

Recent market volatility and uncertainty regarding the U.S. economy has Wall Street analysts torn about where some stocks are headed in the upcoming months. The stock has buy or overweight ratings from 20% of analysts, while another 20% rates it as sell or underweight. More than half of the analysts covering the stock give it a buy rating. Nonetheless, 24% of analysts have a sell rating on it. More than 30% of analysts have buy ratings on the stock, whereas 23% have a sell rating.

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