GOLDMAN: These Are The 40 Most Undervalued Stocks In The Market

The S&P 500 booked a nice 13 percent return in 2012.

For 2013, Goldman Sachs' equity strategy team expects the index to hit 1,575 by year-end.

However, they expect some stocks to do better than others.

The firm's recently released "US Monthly Chartbook" includes a list of stocks with the most upside opportunity relative to Goldman analysts' price targets.

Many of these companies highlighted are either in energy production or energy equipment.

The stocks listed offer 24 to 44 percent upside relative to their current prices. We've arranged the stocks from least to most upside.