Goldman Sachs has identified three “attractive” value stocks that could see significant share price appreciation over the next 12 months. Analysts at the Wall Street bank see growth potential of more than 50% in British Airways parent International Consolidated Airlines Group, vehicle maker CNH Industrial and health technology company Philips. Shares of all three companies are traded in Europe and the United States. Goldman Sachs said the three companies stand out among their European peers because of their cheap valuations compared to earnings growth prospects. “European stocks stand out on valuation, trading well below their historical multiples,” said analysts led by John Sawtell, co-head of European equity research at Goldman. IAG The bank’s airline analyst Patrick Creuset upgraded IAG to buy in January after noting the stock had failed to react to analysts’ consensus earnings upgrades. Creuset sees “more consensus upside” to IAG’s 2024 earnings and expects the stock to rebound 64% from the current share price of 145 British pence. UK shares are generally quoted in pence, where 100 pence is equivalent to one pound sterling ($1.26). IAG-GB line 1 year Philips Goldman recommends buying Philips and expects the stock to rise 51% in the next 12 months. The investment bank analyst sees “solid margin progression” for Philips in 2024, driven by savings in the manufacturing sector and the easing of previous pricing pressures. Philips CEO Roy Jakobs told CNBC last month that the company was “pulling growth out of every market” and looking to introduce more AI-powered technology into healthcare. CNH Industrials Goldman Sachs upgraded CNH to buy last month. Shares are expected to rise 57% to $19 per share. The bank’s analyst believes the stock has been oversold on expectations of a slowdown in the agricultural equipment market, while underestimating CNH’s potential to increase profit margin through cost cuts and pricing power . CNHI Line 1Y: CNBC’s Michael Bloom contributed reporting.