Gaining an anemic 4 points in the first half of the year, the S&P 500 wasn't exactly a huge boon for investors.
Goldman Sachs's David Kostin thinks the outlook is a bit rosier. He projects 6% growth in the S&P 500 for the second half of the year.
However, he also thinks the best days for some stocks are already in the past.
In a recent report, Kostin complied a list of the 40 companies that have the most downside relative to Goldman Sachs analysts' price targets.
We've ranked the bottom 9 companies with possible downsides of more than 20%. They're below in order of least to most downside.
- Transocean Ltd.
Ticker: RIG
Industry: Energy, Oil and Gas Drilling
Price as of June 30: $16.12
Downside to Target: 56.6%
Executive Outlook: "So, while the near-term outlook is certainly challenging, I believe the company's first quarter results provide clear evidence of a Transocean team focused on improving those things within its control to best position the company for the eventual recovery," Jeremy Thigpen. CEO
- Noble Corp.
The oil drilling rig Polar Pioneer is towed toward a dock and in view of the Space Needle Thursday, May 14, 2015, in Elliott Bay in Seattle.
Ticker: NE
Industry: Energy, Oil and Gas Drilling
Price as of June 30: $15.39
Downside to Target: 38.3%
Executive Outlook: "We entered 2015 well aware of the formidable industry challenges resulting from the combination of lower crude oil prices, reduced upstream spending by customers and excess offshore rig capacity," David W. Williams, President and CEO
- Celgene Corp
Ticker: CELG
Industry: Healthcare, Biopharmaceuticals
Price as of June 30: $115.74
Downside to Target: 32.6%
Executive Outlook: "Our continued investments in our franchises, innovative therapies and technologies position us for sustained growth beyond 2020," Bob Hugin, Chairman and CEO
- Diamond Offshore Drilling
Ticker: DO
Industry: Energy, Oil and Gas Drilling
Price as of June 30: $25.81
Downside to Target: 30.3%
Executive Outlook: "We have continued to implement cost savings measures while maintaining our focus on safe operations and delivering performance for our clients," Marc Edwards, President and CEO
- Gilead Sciences
Ticker: GILD
Industry: Healthcare, Biopharmaceuticals
Price as of June 30: $117.08
Downside to Target: 28.3%
Executive Outlook: "Our guidance for product revenue is subject to a number of uncertainties including the full year impact of our discounts, charge backs and rebates associated with pricing negotiation with payors in the United States and Europe," Robin Washington, CFO
- Sigma-Aldrich Corp.
Inside a clean room at Sigma-Aldrich
Ticker: SIAL
Industry: Basic Materials, Specialty Chemicals
Price as of June 30: $139.35
Downside to Target: 28.2%
Executive Outlook: " Despite a significant negative sales impact from unfavorable year-over-year changes in foreign currency exchange rates, the Company expanded adjusted operating margin and grew adjusted operating income," Rakesh Sachdev, CEO
- Expedia Inc.
Expedia analytics team workers chat in an alcove at Expedia's Bellevue, Wash. office.
Ticker: EXPE
Industry: Cyclical Consumer Goods and Services, Leisure and Recreation
Price as of June 30: $109.35
Downside to Target: 25.0%
Executive Outlook: "While we're pleased with our early momentum, the year is young. And as usual, we have plenty of challenges to navigate. We're clear about our strategy and are fully in execution mode," Dara Khosrowshahi, President and CEO
- Intel Corp.
Ticker: INTC
Industry: Technology, Semiconductors
Price as of June 30: $30.42
Downside to Target: 24.4%
Executive Outlook: "Year-over-year revenues were flat, with double-digit revenue growth in the data center, IoT and memory businesses offsetting lower than expected demand for business desktop PCs," Brian Krzanich, CEO
- YUM! Brands Inc.
Ticker: YUM
Industry: Cyclical Consumer Goods and Services, Quick Service Restaurants
Price as of June 30: $90.08
Downside to Target: 22.3%
Executive Outlook: "Outside of China, our KFC and Taco Bell Divisions are firing on all cylinders... At Pizza Hut, our sales performance was relatively flat, but plans are in place to get the business back on track," Greg Creed, CEO.
