Goldman Sachs Chief U.S. Equity Strategist David Kostin is out with his latest U.S. quarterly chartbook, which looks back on Q1 and offers some guidance for the rest of the year. 

In terms of the U.S. market, Goldman is encouraging investors to look at indices other than the S&P 500, which isn't expected to have much more upside by the end of the year. 

"We expect the S&P 500 will reach 2100 by year-end, representing a 2% price gain from the current level. Given limited S&P 500 upside, we recommend investors buy the Nasdaq 100, which trades at a modest P/E premium to the S&P 500 (18x vs. 17x) despite having much higher expected EPS growth (14% vs. 5%)," said Goldman.

Taking a look at sector breakdowns, the firm is bullish on information technology, energy, and telecom services and bearish on financials and consumer staples. 

The note also included a table of the stocks they see having the most upside as well as those with the most downside. Top names include Chesapeake Energy, Delta Air Lines, and American Airlines.