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After the worst sell-off in months, CNBC Pro sought to find stocks trading at deeply discounted levels that could pay off for investors buying for the long term. Fears of longer-than-expected interest rate hikes hammered down on stocks this week. On Tuesday, the S & P 500 fell below the key 4,300 for the first time since June , and the Dow Jones Industrial Average also posted its biggest one-day loss since March. Those declines came after new home sales and consumer confidence data missed economists’ estimates. Using the new CNBC Pro stock screener tool, we looked for stocks with current price-to-earnings ratios at a deep discount to their 5-year averages. The names we found are getting hurt in the market’s latest downturn and have lost at least 5% in the past month. Analysts also love them, with the consensus rating being a buy, and the the consensus price target implies upside of more than 10% over the next 12 month. Take a look at the list of Wall Street’s favorite and cheap names. Olive Garden owner Darden Restaurants is currently trading at a 28% discount compared with the stock’s average price-to-earnings ratio over the past five years. Shares are higher by 2.5% this year but have lost 15.2% this quarter. The company last week reported first-quarter earnings and revenue that topped analysts’ expectations, despite seeing weak fine dining sales due to consumer pullback. Devon Energy also made the list. The stock is trading at the highest discount level of the list, at 72%. The beaten-down oil-and-gas producer has lost 21% this year, driven by disappointing fourth-quarter earnings and poor cash flow performance earlier this year. Citigroup last week trimmed its price target on Devon Energy by $2 to $55 and maintained its buy rating. Other energy names Eversource and Atmos , both in the red for the year, are also trading at significant discounts. Recent highs in oil prices have driven bullish sentiment on energy stocks. Outside of the energy sector, Home Depot , aerospace and defense company RTX and railroad operator Norfolk Southern made the list.
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