Battered stocks to buy usually represent the exclusive avenue of the extreme speculator. As many beginner investors often find out, you don’t want to take the buy low, sell high adage blindly without conducting serious due diligence. Essentially, when public enterprises print red ink, they end up printing even more red ink, not transitioning to high-return investments.

Nevertheless, I suppose that a broken clock is right twice in a day. Again, don’t take that adage blindly either. In the market, it’s possible for broken clocks to never be right. At the same time, some thrashed entities will end up becoming stocks with growth potential. Hopefully, you end up picking the ones that do.

Unfortunately, no science exists with triple return stocks but rather luck and perhaps pleadings with a deity. Here, I’m going to consult analysts’ opinions so that maybe, just maybe, you can 3X these supposed lost causes.

Primo Water (PRMW)

On paper, Primo Water (NYSE:PRMW) should be a strong player simply based on its critical pertinence. It’s a leading pure-play water solutions provider in North America, largely operating under a recurring razor/razorblade revenue model. Primarily, Primo offers innovative water dispensers (representing the razors). Now, the razorblade comes in the form of water direct, water exchange and water refill services.

However, the market failed to bite. Since the beginning of this year, PRMW fell more than 19%. In the past 365 days, it slipped almost 8%, which isn’t great considering the broadly positive performance of the market. Still, PRMW arguably makes an interesting case for battered stocks to buy. Right now, Primo features a Piotroski F-Score of 8 out of 9, indicating high operational efficiency.

Moreover, RBC Capital’s Nik Modi is intrigued with PRMW, pegging it as a buy with a $19 price target. If it reaches that point, we’re talking about an almost-52% return. On the high side, Jefferies sees $23, implying growth of over 83%. Thus, it’s one of the stocks with growth potential.

Golar LNG (GLNG)

A significantly risky take among battered stocks to buy, Golar LNG (NASDAQ:GLNG) is one of the world’s most innovative and experienced independent owners and operators of marine liquefied natural gas infrastructure. Per its public profile, Golar developed the world’s first floating LNG liquefaction terminal  and floating storage and regasification unit (FSRU) projects based on the conversion of existing LNG carriers.

Although pertinent to the underlying industry, Golar can’t quite investors to take a shot. Since the start of the year, GLNG slipped nearly 9%. In the trailing one-year period, GLNG is down a bit more than 8%. To be fair, it’s not entirely surprising that Golar struggled. According to Gurufocus, the company runs at a premium relative to forward earnings.

Nevertheless, Golar on the positive side features a Piotroski F-Score of 7 out of 9. This indicates decent operational efficiency. As well, it enjoys stout profit margins. Lastly, Stifel Nicolaus analyst Benjamin Nolan rates GLNG as a buy with a price target of $34. The high side target comes from Evercore ISI at $45, implying over 123% upside potential.

Penn Entertainment (PENN)

An omni-channel provider of casino retail and online gaming, Penn Entertainment (NASDAQ:PENN) carries one of the nation’s largest and most diversified regional gaming footprints. Per its corporate profile, Penn features 41 properties across 19 states. The company also offers live racing and sports betting entertainment. Given the revenge travel phenomenon following the Covid-19 pandemic, PENN should theoretically soar.

Instead, it finds itself among the battered stocks to buy for contrarians. Since the Jan. opener, PENN gave up nearly 18% of equity value. In the past 365 days, shares stumbled almost 24%. And over the past five years, they slipped 31%, which is a shame considering its 2021 spike rally. Still, PENN could be interesting for market gamblers.

Basically, shares trade at a forward multiple of only 11.96. As a discount to projected earnings, Penn ranks better than 80% of its peers. To close, Needham analyst Bernie McTernan pegs PENN as a buy with a $44 price target, implying over 83% upside. Five months ago, a Macquarie analyst forecasted nearly 129% upside potential.

Xencor (XNCR)

A clinical-stage biopharmaceutical company, Xencor (NASDAQ:XNCR) develops engineered monoclonal antibodies and cytokines for the treatment of cancer and autoimmune diseases. According to its public profile, Xencor developed a treatment platform called XmAb. Through this technology, the company engineered 20 therapeutic candidates. Still, investors aren’t exactly impressed.

Since the start of the year, XNCR faded to the tune of nearly 4%. Over the past 365 days, XNCR gave up more than 13% of market value. If that wasn’t enough, in the trailing five years, it cratered 36%. Still, it’s possible that XNCR may rank among the battered stocks to buy.

To be sure, experimental biotechs don’t feature sterling financials. That said, Xencor carries an Altman Z-Score of 7.27, indicating very low bankruptcy risk. Should Xencor gain clinical momentum, it could be one of the triple return stocks.

On average, analysts peg XNCR to hit $43.25 per share. That would imply over 73% upside potential. However, two months ago, Mizuho Securities’ analyst Mara Goldstein stated that XNCR could hit $59, implying over 136% growth. Okay, it’s not a triple return but that would qualify for high-return investments.

SunPower (SPWR)

Easily one of the riskiest entities among battered stocks to buy, SunPower (NASDAQ:SPWR) will require incredible commitment and resolve. I say that because shares cratered nearly 43% since the beginning of this year. Over the past 365 days, we’re talking about a loss of over 37%. Still, for those interested in high-return investments, SunPower might intrigue because of its distributed generation storage and energy services business.

Adding to the enticing profile, SunPower features a three-year revenue growth rate of 15.7%, outpacing 60.28% of its rivals. However, SPWR trades at a trailing-12-month sales multiple of 0.96. As a discount to revenue, SunPower ranks better than 82% of the competition.

Unfortunately, that’s where much of the good news ends. With an unimpressive net margin and a shoddy balance sheet, SPWR will like make for eventful speculation. Still, it does offer a credible case for becoming one of the triple return stocks. Five months ago, Evercore’s Sean Morgan stated that SPWR could hit $26, implying over 165% upside potential.

Tandem Diabetes Care (TNDM)

Playing in the hot section of market perdition, Tandem Diabetes Care (NASDAQ:TNDM) symbolizes an audacious example of battered stocks to buy. I gotta be honest – more than likely I will not join you in this trade. Since the start of the year, TNDM gave up a staggering 45% of equity value. In the past 365 days, shares stumbled more than 60%.

Without the financial context, Tandem’s marketing literature appears compelling. As the corporate name suggests, Tandem dedicates itself to improving the lives of people with diabetes through relentless innovation and revolutionary customer experience. Its flagship product is an insulin pump that’s capable of remote software updates. As well, it features integrated continuous glucose monitoring.

However, Tandem’s financial profile presents massive risks. With shoddy balance sheet stability and negative profit margins, TNDM might be one of the recovering stock picks. Or it could be complete garbage.

For your edification, though, Barclays analysts believe TNDM could hit $71 per share, which translates to over 189% upside. The maximum target of $105 comes from Oppenheimer, which implies nearly 328% growth.

Safehold (SAFE)

Structured as a real estate investment trust, Safehold (NYSE:SAFE) seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. However, based on its performance, SAFE ironically represents one of the battered stocks to buy. Since the start of the year, shares dropped almost 18% of market value. In the trailing one-year period, they’re down more than 36%.

According to its corporate profile, Safehold revolutionizes real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Safehold claims to continue helping owners of high quality multifamily, office, industrial, hospitality and mixed-use properties generate higher returns with less risk.

Ironically again, though, investment resource Gurufocus warns that Safehold suffers from six red flags, including business distress. Given its present negative profit margins, SAFE ranks among the biggest potshots you can take among triple return stocks. However, because of the red ink, SAFE could fly under the right circumstances. About a year ago, Morgan Stanley’s Richard Hill forecasted SAFE to hit $85, implying over 258% upside potential. The max price target is $98, implying nearly 313% upside.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.