These cheap stocks with upside could be the next bull market winners
Wall Street just confirmed a new bull market has begun, and these stocks could be the next big winners. The S & P 500 rose Friday to 4,824.19, slightly above the previous all-time closing high set in January 2022. The move comes after a late-week uptick in tech stocks that helped the broad market index, along with the Nasdaq Composite, recoup its early year-to-date losses. .SPX 1D mountain The S & P 500 is hovering near its best ever close on Friday. Against this backdrop, we used the CNBC Pro screener tool to look for cheap stocks that can outperform during the next bull run. Here's the criteria: Average analysts' forecasts imply at least 15% upside moving forward. Stocks are in the green the last 12 months. Stocks on the list are currently cheaper than the overall market with a forward price-to-earnings ratio of less than 19. Financial giant Citigroup made the list. The stock has climbed about 4% over the past year, while its forward P/E measures roughly 10.15. Average analysts' forecasts imply more than 15% upside moving forward. C 1Y mountain Citi stock. The bank recently announced a round of layoffs amounting to 10% of its overall workforce, as part of CEO Jane Fraser's new corporate strategy and to help boost the stock price. The announcement followed disappointing fourth-quarter earnings. Shipping company FedEx also made the cut. The stock has posted an impressive 32% gain over the past 12 months, while its forward P/E prices shares are below the broader market at 13.24. Analysts think the stock can climb even higher, with their average forecasts implying nearly 22% upside moving forward. FDX 1Y mountain FedEx stock. Wall Street's optimism on FedEx stock remains despite the company issuing disappointing second-quarter revenue in December . The stock was recently upgraded to buy by Melius Research, however, with analyst Conor Cunningham asserting 2024 could see a more stable growth picture. The biggest gainer over the past year on the list is manufacturing company Jabil , which has climbed more than 58% in that time. Analysts forecast a further 21% upside moving forward. JBL 1Y mountain Jabil stock. Stocks that also made the list include banking heavyweight Wells Fargo and defense name L3Harris Technologies .