Although blue-chip stocks often carry a reputation for being lumbering giants that might not kill your portfolio but certainly won’t do it any favors, specific stalwarts can get the business done. In other words, these enterprises hit the sweet spot: they’re tied to well-established businesses that also offer double-digit (percentage) upside potential, as determined by Wall Street analysts.

Further, adding to the sweet nature of these blue-chip stocks, they’re all undervalued based on earnings multiples. To be fair, some of these ideas may have suffered some volatility this year. However, given their high-profile businesses, they should eventually reward contrarian investors.

CGI Inc (GIB)

A Canadian multinational information technology consulting and systems integration firm, CGI Inc (NYSE:GIB) commands a significant presence. As of last year, CGI featured around 400 offices across 40 countries. Further, it employed about 88,000 people. Presently, CGI features a market capitalization of $19.6 billion. In the trailing year, shares gained almost 15% of equity value.

Despite the robust performance, CGI could still have some extra gas in the tank. Presently, the market prices GIB at a forward multiple of 18.26. As a discount to projected earnings, CGI Inc ranks better than 63.27% of the software industry.

Notably, the company carries a solid balance sheet, with an Altman Z-Score of 4.04. This indicates fiscal stability with a low risk of bankruptcy. Also, it’s a highly profitable business with a net margin of 11.2%, above 80.41% of the sector. Finally, Wall Street analysts peg GIB as a consensus strong buy. Their average price target stands at $101.83, implying over 11% upside potential. Thus, it’s a great way to start off this list of blue-chip stocks in the sweet spot.

Micron Technology (MU)

A computer innovation firm, Micron Technology (NASDAQ:MU) produces memory and data storage products, including dynamic random-access memory, flash memory, and USB flash drives. At the moment, Micron carries a market cap of $67 billion. Since the start of the year, MU gained over 15% of its equity value. However, in the past 365 days, it dropped 23%.

Nevertheless, MU represents an intriguing idea for blue-chip stocks in the sweet spot. First, MU trades at a trailing multiple of 10.56. As a discount to earnings, Micron ranks better than 72.17% of the semiconductor industry. Also, MU trades at 1.29 times its book value. In contrast, the sector median stat is 1.29 times.

On the balance sheet, Micron features an Altman Z-Score of 4.03, reflecting low bankruptcy risk. For profitability, the company is extremely profitable with a net margin of 22.78%. Lastly, covering analysts peg MU as a consensus strong buy. Also, their average price target comes out to $67.27, implying nearly 16% upside potential.

Qualcomm (QCOM)

One of the most recognized tech firms, Qualcomm (NASDAQ:QCOM) creates semiconductors, software, and services related to wireless technology. Right now, the company carries a market cap of $136 billion. Since the beginning of this year, QCOM gained nearly 14% of its equity value. However, in the trailing year, it dropped over 20%, reflecting the troubled waters of the tech space.

Still, for those seeking high-potential blue-chip stocks to buy, Qualcomm may deliver the goods. Currently, the market prices QCOM at a forward multiple of 13.07. As a discount to projected earnings, Qualcomm ranks better than 78.52% of industry players.

Operationally, the tech giant really shines. For instance, its three-year revenue growth rate stands at 25%, above 82.62% of its peers. For profitability, its net margin comes in at 27.4%, above nearly 90% of its rivals. In closing, covering analysts peg QCOM as a consensus moderate buy. Their price target hit $145.80, implying almost 20% upside potential.

Biogen (BIIB)

Based in Cambridge, Massachusetts, Biogen (NASDAQ:BIIB) is a multinational biotechnology firm that specializes in the discovery, development, and delivery of therapies for the treatment of neurological diseases to patients worldwide. Currently, its market cap comes in at almost $38 billion. Over the past year, BIIB gained nearly 25% of its equity value (though it’s in the red this year).

Despite the recent bobbles, investors may want to target BIIB as one of the blue-chip stocks to buy. Financially, the market prices BIIB at a trailing multiple of 12.48. As a discount to earnings, Biogen ranks better than 73.73% of the drug manufacturing industry.

Operationally, the company could use a little bit of work on the top line. However, the profitability game is on fire, with Biogen posting a net margin of 30%. This ranks above nearly 94% of the competition. Also, Biogen’s Altman Z-Score is 4.25, indicating low bankruptcy risk. Turning to Wall Street, analysts peg BIIB as a consensus strong buy. Moreover, their average price target stands at $330.94, implying nearly 27% upside potential.

Sociedad Quimica (SQM)

A company that looks increasingly attractive based on forward relevancies, Sociedad Quimica (NYSE:SQM) is a Chilean chemical company. Specifically, it garners attention as the world’s biggest lithium producer, according to its public profile. Naturally, SQM can feed the burgeoning global electric vehicle market. Since the Jan. opener, SQM gained nearly 6%. In the trailing year, it’s up a little over 1%.

Aside from its importance to EVs and lithium-consuming industries, SQM represents one of the undervalued blue-chip stocks. Presently, the market prices SQM at a forward multiple of 5.33. As a discount to projected earnings, the mining firm ranks better than nearly 97% of the underlying sector.

Operationally, it’s been brilliant. Its three-year revenue growth rate comes in at 81.3% while its net margin pings at 36.39%. To boot, Sociedad features an Altman Z-Score of 5.91, reflecting high fiscal stability. Looking to the Street, analysts peg SQCM as a consensus moderate buy. Further, their average price target stands at $104.57, implying 29% upside potential.

BioNTech (BNTX)

A German biotech firm, BioNTech (NASDAQ:BNTX) enjoyed a powerful spotlight, helping to deliver a Covid-19 vaccine. The company specializes in the development of mRNA-based pharmaceutical candidates. Right now, BioNTech commands a market cap of $32.4 billion. However, fading fears associated with the pandemic put BNTX in a bind. Since the January opener, shares slipped 10%.

Still, for those looking for possibly rebounding blue-chip stocks, BNTX may be worth investigating. Notably, the market prices shares at a forward multiple of 16.86. As a discount to projected earnings, BioNTech ranks better than 73.77% of the underlying sector.

Additionally, the company benefits from a cash-rich balance sheet. Also, its Altman Z-Score pings at 9.72, indicating low bankruptcy risk. To boot, its net margin towers over its competitors at 55.71%. In closing, covering analysts peg BNTX as a consensus moderate buy. Their average price target stands at $186, implying over 39% upside potential.

Moderna (MRNA)

Headquartered in Massachusetts, Moderna (NASDAQ:MRNA) represents another biotech that benefitted from the Covid-19 spotlight. It too helped introduce a vaccine to address the SARS-CoV-2 virus. Unfortunately for MRNA, fading relevancies hurt investor sentiment. Since the beginning of this year, shares plunged over 17%.

Nevertheless, for those willing to take risks with their blue-chip stocks, Moderna could be quite intriguing. For instance, the market prices MRNA at a trailing multiple of 7.42. As a discount to earnings, Moderna ranks better than 84.67% of the biotech industry.

Operationally, Moderna enjoys tremendous revenue and book growth over the past three years. In terms of profitability, its net margin comes in at 44.3%, outpacing 95.34% of the field. Also, it enjoys excellent strengths in the balance sheet with an Altman Z-Score of 8.57. Lastly, Wall Street analysts peg MRNA as a consensus moderate buy. Their average price target stands at $222.86, implying over 50% upside potential.

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.