Stocks soared in 2023 , as investors have been buoyed by the narrative of an end to rate hikes in 2024. Tech stocks led the charge as trends such as artificial intelligence boomed. The S & P 500 rallied 24%, while the tech-heavy Nasdaq Composite ended 2023 up 43.4% in its best year since 2020. Still, there are some stocks trading at cheaper valuations than the broader S & P 500, and which analysts expect will have strong earnings growth in 2024. CNBC Pro screened the S & P 500 for stocks that met the following criteria: Forward price-to-earnings ratio of less than 21 for the next 12 months. Expected 2023 earnings per share growth of 20% or more. Buy rating from 50% or more of analysts covering the stock. Here are some of the names that showed up. Financial and energy stocks dominated the list. Delta Airlines and Arch Capital Group had among the lowest forward P/E ratios, at 6.6 and 9.7, respectively. Delta also had among the highest expected earnings growth at over 90%, and a high buy rating of 82%. One communication services stock showed up — Match Group , with a forward P/E ratio of 18.9 and expected earnings growth of 55.6%. Targa Resources tied with Delta for having the highest buy rating on the list (about 82%).
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