Goldman Sachs Touts Strong Growth Prospects for Amazon, Huntington Ingalls

Goldman Sachs has updated its U.S. Conviction List for October, adding five stocks and removing five others.

The bank's new picks include Amazon, with a price target of $375, implying over 50% upside from Thursday's close.

Analyst Eric Sheridan sees the company as sitting at the intersection of structural and cyclical growth, supported by AI-driven demand for AWS computing power, improving e-commerce profitability, and continued advertising expansion.

Another new addition is Huntington Ingalls, which has a $439 price target, implying 60% upside from Thursday's close. Analyst Noah Poponak says the company remains uniquely positioned as a pure play on U.S. Navy shipbuilding, with the Pentagon and U.S. government prioritizing domestic shipbuilding capacity and fleet growth.

Burlington Stores is also joining the list, with a $382 price target that implies nearly 40% upside from Thursday's close.