GOLDMAN: Here Are The 40 Cheapest Stocks In The Market

The S&P 500 has gained 7% so far this year.

Despite what has been a 200% rally in the market since early 2009, Goldman Sachs' David Kostin believes the S&P still has the ability to go from 1,960 today to 2,050 by the end of the year. From there, Kostin sees it going to 2,200 by the end of 2016.

While further gains in the market are likely to be modest, some stocks are certainly going to outperform others.

Kostin's new quarterly chartbook includes a list of 40 stocks offering the most upside relative to Goldman Sachs analysts' price targets.

There are a significant number of oil and gas companies including Halliburton, Cabot and Alcoa inc. Also on this quarter's list of the stocks with the biggest upside are tech high-flyers like Amazon and salesforce.com.