Last week saw equities markets bounce back with roughly a 6% gain. The past few months have put markets in bear market status and, despite this gain, investors are shopping around and bottom-fishing for any stock that could provide some upside. One major Wall Street firm believes it has found a couple that offer huge upside potential.

BMO Capital Markets issued a couple calls recently, and although there is no particular focus in terms of sector or industry, the main idea is upside. Each call is incredibly positive, forecasting massive upside in both the near and long term.

While market headwinds have put a damper on the markets in general over the past few months, BMO Capital Markets believes that a couple of these stocks could provide solid upside in the coming months and years.

It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Micron Technology

BMO’s Ambrish Srivastava reiterated an Outperform rating on Micron Technology Inc. (NASDAQ: MU) stock but cut the $115 price target to $85. That still implies upside of 45% from the most recent closing price of $58.44. Srivastava noted the company’s major end markets (from PCs to handsets) are decelerating more than expected, although he remains positive on the stock given the risk-reward at current levels of five times expected forward earnings. Longer term, Srivastava believes Micron should be able to continue to drive higher profitability through cycles.

The stock traded around $60 on Monday, in a 52-week range of $53.60 to $98.45. Shares are down over 37% year to date. The dividend yield is 0.7%.

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CMS Energy

On CMS Energy Corp. (NYSE: CMS), BMO’s James Thalacker reiterated an Outperform rating. Yet he lowered the $80 price target to $71, implying upside of 9% from the most recent closing price of $65.19. Thalacker adjusted his model and shifted price targets based on mark to market of 2024 relative price-to-earnings multiples.

Overall, he is positive on the company’s recent regulatory announcements as they not only de-risk two out of three of the company’s regulatory proceedings but also once again highlight Michigan’s continued “constructive regulatory environment.” Thalacker further cites CMS Energy’s above-average EPS growth rates, long-dated visible capital program and consistent execution.

CMS Energy stock has a 52-week trading range of $58.51 to $73.76, and it traded near $66 a share on Monday. The stock is relatively flat year to date but up over 10% in the past year. It has a dividend yield of 3.0%.

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