Japanese stocks have been on a roller-coaster ride last week, but Goldman Sachs sees some opportunities in the country, noting stocks that are “worth holding” right now. Previously, Japan's Topix index plummeted 12.23% on August 5, and the benchmark Nikkei 225 index fell 12.4%, which was the worst decline since “Black Monday” in 1987. Both indexes have since recovered some of their losses, with the Topix closing the week down 2.14% and the Nikkei down 2.46%. In an Aug. 7 report, Goldman Sachs analysts revealed some top picks, including three Buy-rated Japanese stocks with upside potential of more than 40% over the next 12 months. The names also appear on the bank's Conviction List, a collection of the bank's top buy-rated stock ideas it expects to beat the market. All three stocks are listed on the Tokyo Stock Exchange and trade in the United States as American depositary receipts. The company is best known for its Onitsuka Tiger brand of performance running shoes, sportswear and sneakers. Analyst Sho Kawano said he expects Asics' profits to improve as “strong running sales have a spillover effect on other Asics footwear.” Asics shares are up 99.5% so far this year. Goldman Sachs has a price target of 3,100 yen ($21.07) on the stock, giving the stock about 50% upside potential at the time of the report. Goldman Sachs describes Suntory Beverage & Food as “Japan's leading soft drinks maker with the second largest market share in Japan” with operations in Europe, the United States and other parts of Asia-Pacific. Analyst Takashi Miyazaki expects the company's profits to grow at a compound annual growth rate of 10% over the next three years, driven in large part by its focus on core brands and peak raw material costs. Miyazaki said Suntory's share price is currently “undervalued.” Its shares are up 3.5% so far this year. Goldman Sachs set a target price on the stock at 6,900 yen, representing a potential upside of 37%. Hitachi Goldman Sachs also has Hitachi Group on its list, with businesses in industries including power and renewable energy, rail services and healthcare products. The bank's analyst Ryo Harada is now looking forward to the company's “next phase” of growth. “We have a Buy rating on Hitachi as we expect the company to enter a period of multiple expansions that are not bound by historical ranges, with higher company value driven by EPS (earnings per share) expansion and business growth. Services business, ” he added. Hitachi's shares are up nearly 60% so far this year. Goldman Sachs has a price target of 4,850 yen on the stock, giving the stock about 54% upside potential when the bank releases the note. —CNBC’s Michael Bloom contributed to this report.