Recent moves within the market have absolutely crushed equities to bear market status. As a result, some investors are shopping around and bottom-fishing for any stock that could provide some upside. One major Wall Street firm believes it has found a few that offer huge upside potential.

J.P. Morgan issued a few calls recently, and although there is no particular focus in terms of sector or industry, the main idea is upside. Each call is incredibly positive, forecasting massive upside in both the near term and long term.

While market headwinds have put a damper on the markets in general over the past few months, J.P. Morgan believes that a few of these stocks could provide solid upside in the coming months and years.

It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Eli Lilly

Eli Lilly and Co. (NYSE: LLY) was reiterated at Overweight. The $340 price target rose to $355, implying upside of 13% from the most recent closing price of $313.44. Chris Shott was the lead analyst on the call, and he increased estimates following the FDA approval of Mounjaro for type 2 diabetes, as well as SURMOUNT-1 data in obesity.

Schott sees Mounjaro generating peak sales of $12 billion to $13 billion in diabetes, where he sees the product expanding use of the GLP-1 class to earlier stage patients. Further, he now estimates a more than $10 billion opportunity, up from $6 billion to $8 billion, for the product in obesity. Schott estimates total Mounjaro peak sales of $25 billion and sees a pathway for Eli Lilly earnings per share to increase from $8.80 in 2022 to over $28 by 2030, before considering any contribution from donanemab.

The stock traded at $311.20 on Monday, in a 52-week range of $201.83 to $324.08. The dividend yield is 1.2%. Shares are up over 9% year to date.

Salesforce

J.P. Morgan reiterated an Overweight rating on Salesforce Inc. (NYSE: CRM) but cut the $316 price target to $275. That still implies upside of 72% from the most recent closing price of $160.24. The analyst on the call, Mark Murphy, says the company’s fiscal first-quarter results “were healthy and tone regarding macro was clearly better than anticipated.”

The firm went further to say Salesforce’s “net-positive macro commentary could catalyze investors to reconsider beaten-down growth-oriented software stocks, perhaps boosting confidence into a near-term rally.” The analyst dropped the price target solely based on materially lower peer group multiples.

Salesforce stock has a 52-week trading range of $154.55 to $311.75, and it traded at $188.00 a share early Monday. The stock is down about 27% year to date.

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SVB Financial

On SVB Financial Group (NASDAQ: SIVB), J.P. Morgan reiterated an Overweight rating. The $875 price target implies upside of 79% from the most recent closing price target of $488.57. Steven Alexopoulos was the analyst on the call.

While investors are “very interested” in SVB given its “cheap valuation” and long-term growth potential, fear of the unknown is keeping many of them on the sidelines, Alexopoulos noted in the report. “While the current environment does not feel as damaging to the ecosystem as did the dot.com bust, the impacts will likely be far more widespread that what was experienced in the first quarter of 2016.” However, the analysis “reveals that this is today perhaps the best buying opportunity in SIVB shares in over a decade.” Alexopoulos sees the stock as a “potential four bagger from current levels” over the next four years.

The 52-week trading range is $419.60 to $763.22, and shares traded at $491.35 Monday morning. The stock is down about 29% year to date.

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