Here’s the new list of wealthymilestone top underpriced analyst picks to buy for Q2 2024.
15 Undervalued Stocks
The US Market Index showed that the US stock market rose more than 10% in the first quarter of 2024.15 Undervalued Stocks
According to our criteria, equities appear appropriately valued as we enter the second quarter. According to a composite of the equities wealthymilestone tracks, the US stock market is trading at a price/fair value of 1.03 at the end of the first quarter. One year ago, equities traded at a 12% discount to fair value.
What does the market’s small premium to our fair value estimate imply for the remainder of 2024? “In our opinion, it is unlikely that what has worked for the past year and a half will continue to work,” writes . “We think now is a good time for investors to look for contrarian investment opportunities, especially in those areas that have underperformed, are unloved—and most importantly—undervalued.”
15 Undervalued Stocks to Buy in Q2 2024.
Here is a list top undervalued stock picks for the second quarter of 2024.
- Adobe ADBE
- Albemarle ALB
- APA APA
- Cognizant Technology Solutions CTSH
- Comcast CMCSA
- Crown Castle CCI
- Dow DOW
- Duke Energy DUK
- Entergy ETR
- Federal Realty Investment Trust FRT
- FMC FMC
- Hanesbrands HBI
- Illumina ILMN
- Kraft Heinz KHC
- MarketAxess Holdings MKTX
Here’s a brief summary of how valuations stack up across sectors, along with some key Morningstar metrics about each undervalued stock to buy. Individual stock data is as of March 31, 2024.
Undervalued Basic-Materials Stocks
In 2024, basic-materials stocks have underperformed the broader market but are now considered fairly valued as we head into the second quarter. According to strategist Seth Goldstein, 60% of the stocks in this sector are rated 4 or 5 stars, indicating they are undervalued. Specifically, while building-materials stocks seem overvalued, there are good opportunities in the agriculture, chemicals, and metals and mining industries. Here are a few examples of undervalued stocks in these industries:
| Company/Ticker | Price/Fair Value | Fair Value Uncertainty | Economic Moat Rating | |
| Albemarle ALB | 0.43 | High | Narrow | |
| FMC FMC | 0.57 | High | Narrow | |
| Dow | 0.87 | Medium | Narrow |
Cheap Communications-Services Stocks
The communication-services industry performed similarly to the overall market in the first quarter. The sector is trading 6% below our fair value estimate heading into the second quarter of 2024. While heavyweight Meta Platforms META has continued More than three-quarters of the telecom equities we cover are trading in the 4- to 5-star level.
| Company/Ticker | Price/Fair Value | Fair Value Uncertainty | Economic Moat Rating | |
| Comcast CMCSA | 0.71 | Medium | Wide | |
| Crown Castle CCI | 0.80 | Medium | Narrow | |
| Warner Brothers Discovery WBD | 0.42 | Very High | None |
Cheap Consumer Cyclical Stocks Today
Basic-materials stocks underperformed the general market in 2024, but they are now thought to be properly valued as we enter the second quarter. According to WealthyMilestone strategist Seth Goldstein, 60% of the stocks in this sector have a 4 or 5 star rating, indicating that they are undervalued. While building-materials companies appear expensive, there are promising chances in agriculture, chemicals, metals, and mining. Below are some instances of undervalued stocks in various industries:
| Company/Ticker | Price/Fair Value | Fair Value Uncertainty | Economic Moat Rating | |
| Hanesbrands HBI | 0.31 | Very High | Narrow | |
| Under Armour UA | 0.44 | High | None | |
| VF VFC | 0.27 | Very High | Narrow |
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