Almost all investors have been watching tech stocks, as that's where the big gains have been -- and where the recent volatility has materialized. Amazon (AMZN) buying Whole Foods (WFM) only added to that attention on Friday.

However, there's another industry that at least one analyst believes can have big upside: Steel.

Analysts at Longbow Research upgraded AK Steel (AKS) , Nucor (NUE) , Steel Dynamics (STLD) , U.S. Steel (X) to a buy rating. They assigned a price target of $10 to AK Steel, implying upside of about 40%, a price target of $66 on Nucor, implying upside of about 20% and a price target of $30 on U.S. steel, implying upside of 50%. Analysts assigned a $40 price target to Steel Dynamics, implying upside of about 21%.

Investors are hopeful, given that shares of these stocks are down mid-single digits over the past three trading sessions.

According to the analysts, U.S. Steel and AK Steel have much more upside than Nucor and Steel Dynamics. But given Nucor and Steel Dynamic's year-to-date performance -- down just 7.7% and 6.7%, respectively -- the price targets do not leave as much room for a big rally. This is especially true when considering that U.S. Steel and AK Steel are down about 40% on the year.

More Noteworthy Ratings Changes

Emerson (EMR) was initiated with a market outperform rating and $70 price target at JMP Securities.

Ensco (ESV) was upgraded to overweight and assigned a $7.70 price target at Piper Jaffray.

Eaton (ETN) was initiated with a market perform rating at JMP Securities.

Johnson Controls (JCI) was initiated with market outperform rating and $54 price target at JMP Securities.

Kroger (KR) was downgraded to equal-weight and assigned a $23 price target at Morgan Stanley.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

If you liked this article you might like

Amazon Said to Be in Talks With Pharmacy Benefit Managers

Cramer: Dominoes Are in Play Today

Analyst Rips Ralph Lauren Stock, Right After Glitzy Fashion Show

Apple, Amazon, Alphabet Charts Show Stress -- How to Protect Gains

Adobe Is a Horse -- Jim Cramer Explains Why