A woman walks past a Victoria's Secret store at Huaihai Road in Shanghai, China. VCG | Getty Images

Goldman Sachs on Tuesday updated clients on the stocks its analysts believe have the most upside and downside potential in the next 12 months. Atop the Goldman upside list is embattled California utility PG&E, which saw its stock plummet as much as 90 percent between November and January. The bankrupt company is under scrutiny by investors and lawmakers as officials work to determine whether its equipment was responsible for the deadliest wildfire in California's history.

Despite the plunge over the past six months, the stock is actually in the middle of a comeback as some investors bet the 2018 sell-off was overdone. The name is up 183 percent since a low close at $6.36 on Jan. 17, but Goldman analysts think it could soar another 111 percent over the next year. Below are the stocks that have the most to run to get to their 12-month price target from Goldman.

Goldman also highlighted women's fashion and personal care product company L Brands as set for a big pop. The company — which operates retailers Victoria's Secret and Bath & Body Works — has proven a tough bet for investors over the past three years amid declining sales at the hands of larger peers and online-focused retailers. The stock is down about 65 percent since the start of 2016, well below the S&P 500's 48 percent gain. That decline appeared to be slowing by April 2019, with the name up 6.7 percent year to date. Goldman sees the stock rising more than 60 percent by April 2020.