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Wall Street is about to confirm that a new bull market has begun, and these stocks could be the next big winners. The S&P 500 index rose on Friday, trading above its all-time closing high of 4,796.56 set in January 2022. The move followed a rally in tech stocks late in the week, with the broader market index also rising along with the Nasdaq Composite Index. Losses year to date. .SPX 1D Mountain The S&P 500 is hovering near all-time highs at Friday’s close. With this backdrop, we used the CNBC Pro Screener tool to look for undervalued stocks that have the potential to outperform in the next bull market. The criteria are: The average analyst forecast suggests an upside of at least 15% going forward. Shares have been on the rise over the past 12 months The stocks listed are currently undervalued relative to the broader market, with forward price/earnings ratios of less than 19 times. Financial giant Citigroup was named to the list. The stock price has increased about 4% over the past year, and the forward P/E ratio is about 10.15 times. The average analyst forecast suggests an upside of more than 15% going forward. C 1Y Mountain City Stock. The bank recently announced a series of job cuts, amounting to 10% of its workforce, as part of Chief Executive Officer Jane Fraser’s new corporate strategy and to boost its share price. The announcement followed disappointing fourth-quarter results. Shipping company FedEx also participated. While the company’s stock has increased an impressive 32% over the past 12 months, its Forward P/E ratio is lower than the broader market at 13.24. Analysts believe the stock could rise further, with average forecasts suggesting it could rise nearly 22%. FDX 1Y Mountain FedEx stock. Wall Street remains optimistic about FedEx stock, even though the company reported disappointing second-quarter sales in December. The stock was recently upgraded to Buy by Melius Research, but analyst Conor Cunningham argued that it could see more stable growth in 2024. The biggest gainer on the list over the past year was manufacturing company Jabil, up more than 58% in that time. Analysts expect a further 21% rise in the future. JBL 1Y Mountain Jabiru in stock. Stocks such as banking giant Wells Fargo and defense giant L3Harris Technologies also made the list.
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