Moderna and Etsy are down more than 40% in 2023, but they are among a handful of beat-up stocks that may make a major comeback this year, according to Goldman Sachs. The firm is still optimistic on equities as broader worries on higher-for-longer interest rates dampen market sentiment. Goldman’s baseline view is that the S & P 500 will rise to 4,500, or by 5%, by the end of the year, as a result of modest earnings per share growth and a roughly flat multiple, according to a Monday note from chief U.S. equity strategist David Kostin. The broader index has returned 10% so far this year but tumbled 3.6% in the third quarter. Kostin outlined several stocks that Goldman thinks have the most upside based on the firm’s target price. Take a look at some of the firm’s expected winners, with prices and upside current as of the end of September: SolarEdge and Etsy could make a major leap from Goldman’s target price on the stocks, with 140.1% and 70.3% potential upside, respectively. Both stocks are among the worst performers in the S & P 500, with SolarEdge off 58% and Etsy down about 48% in 2023. Barclays downgraded the stock to equal weight on Monday, similarly expecting near-term headwinds with price cuts, market share losses and a potential slowdown in Europe before SolarEdge could see some good news. Etsy could gain more than 70% over the next 12 months, according to Goldman’s price target on the e-commerce platform. Shares took a dive after Etsy’s third-quarter guidance overshadowed an otherwise better-than-expected second quarter. The company’s gross merchandise sales in the third quarter could get hit by the return of student loan payments in the fall and the elimination of child tax credits, management previously said. Moderna has the largest potential upside from Goldman’s target price at 175.9%. The pharmaceutical giant has lost 43% so far this year as Covid-related sales declined . Another stock that is expected to more than double is FMC , a chemical manufacturing company with a focus on agriculture. In August, FMC posted quarterly adjusted earnings of 50 cents per share, while analysts polled by FactSet anticipated 61 cents per share. Revenue also came in slightly below the Street’s expectations. Shares are off about 48% in 2023, but Goldman Sachs sees 101.6% upside for the stock. — CNBC’s Michael Bloom contributed reporting.