Goldman Sachs names Eli Lilly, Fortinet, Chewy as non-AI picks

Goldman Sachs identified Eli Lilly, Fortinet and Chewy in a research note this month as its top non-AI stock picks, citing concrete earnings growth and recent analyst revisions that are independent of the artificial intelligence trade.

Eli Lilly’s shares are down about 1% year-to-date. Goldman estimates roughly 9% of Lilly’s recent returns are linked to AI or macro drivers. The drugmaker reported a 56% year-over-year increase in first-quarter revenue, driven by demand for its GLP-1 medicines and the FDA approval of weight-management drug Foundayo. Morgan Stanley raised its price target on LLY to $1,344, implying more than 25% upside from current levels.

Fortinet has rallied about 70% in 2026; Goldman attributes less than one-third of that gain to AI and macro effects. In the first quarter, Fortinet reported $1.9 billion in revenue, up 20% year-over-year, and adjusted earnings per share of $0.82. Unified SASE billings rose 31% and product sales increased 41%, and management raised full-year revenue guidance. BTIG upgraded FTNT to a buy after the quarterly report.

Chewy trades at about 0.66 times sales and grew revenue by over 8% in its most recent quarter, with gross margins near 30%. The stock is down roughly 40% year-to-date. Wolfe Research maintains an outperform rating on CHWY with a $39 price target, projecting roughly 85% upside from current levels.

Goldman presented the trio as alternatives to the narrow leadership pushing U.S. benchmarks in 2026, noting the names’ recent performance is driven mainly by company fundamentals rather than AI sentiment or broader macro factors.