"While we expect a very modest cyclical recovery as a whole, we continue to look for opportunities among individual stocks," Goldman Sachs' analysts, led by Daiki Takayama, wrote in the note, naming buy-rated names — including four conviction list stocks — to play the theme.
The bank's conviction list comprises its top buy-rated stock ideas that are expected to beat the market.
SK Hynix South Korean chipmaker SK Hynix was among the stocks that made Goldman's list of buy-rated names that are also on its conviction list.
Goldman gave the stock a price target of 3,300 Japanese Yen ($22.78) implying upside of around 37.7%.
Meanwhile, the bank has a target price of 29 Chinese yuan ($4.07) on Foxconn, giving it around 124.6% potential upside.
Persons:
Goldman Sachs, Daiki Takayama, Hynix, Goldman, it's bullish, Hai, CNBC's Michael Bloom
Organizations:
SK Hynix South, SK Hynix South Korean chipmaker SK Hynix, Korean, Taiwan Semiconductor Manufacturing Company, Electronics, Industrial, Renesas Electronics, Apple
Locations:
SK Hynix South Korean, Taiwan, Shanghai