the rough first half of 2022 has brought most stocks down at least a peg or two but some names look cheaper than others the s  p 500 is now trading at around 19 times earnings per share according to factset in 2020 and 2021 the pricetoearnings ratio soared well above 20times for the index however there is wide dispersion on that valuation metric typically growth oriented stocks trade at higher pe ratios and then fall further when market sentiment sours but in broad selloffs like wall street saw in april and much of may sometimes even companies with solid fundamentals can get dragged down the list below shows stocks that have pes below 10 but still have buy ratings from more than half of sellside analysts and have an average price target that shows upside of at least 20 source factset one group that is wellrepresented on the list is homebuilders with pulte group  dr horton and lennar all making the cut the housing industry saw strong demand during the pandemic as low interest rates and strong consumer balance sheets bolstered the sector however the feds recent move to tighten money supply has boosted interest rates and appears to be slowing that demand with mortgage applications dropping in recent weeks  still if the us economy avoids a recession homebuilders can have room to grow pultegroup ceo ryan marshall said at a jpmorgan conference earlier this month that demand had slowed but was still strong overall specific to the point on interest rates i think its just one part of the equation when it comes to housing demand and certainly to the affordability equation its just part of the story weve had and continue to have an unbelievable housing market where demand has far outstripped what supply is there marshall said according to a recording provided by factset to be sure homebuilders and many other stocks on this list typically trade below the market pe ratio so investors should not expect the stocks to jump up and catch the highflying stocks even if they outperform outside of homebuilders one stock on the list that has underperformed this year is chipmaker micron  the stock has a buy rating from roughly 78 of analysts on wall street with an implied upside of more than 50 dish networks is the name on the list with the highest upside at more than 70 and it just got another upgrade from truist  one surprising name on the list given the success of oil and gas stocks in 2022 is diamondback energy  the stock is up more than 40 this year but it trails many of its energy peers and its pe was still below 10 as of last week