The S&P 500 has been on a tear in recent years, surging to new all-time highs above 7,000. The positive market momentum has been welcome news for investors, but it has also created some bloated valuations and even triggered concerns about a potential bubble. During bull market rallies, identifying stocks of quality companies that are still attractively valued can be difficult.
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That said, value stocks can provide upside if the bull market rally continues and can protect against portfolio downside if a rally fizzles out. The CFRA analyst team recommends these seven undervalued stocks that have forward earnings multiples below 15:
Micron Technology Inc. (MU)
Micron Technology specializes in semiconductor memory products, including DRAM and NAND flash memory. Micron shares are up about 224% in 2026 through May 28, the best performance of any stock on this list. However, even after Micron’s huge run, its forward earnings multiple of just 9.4 remains extremely inexpensive. Analyst Angelo Zino says the current growth cycle in the memory market will endure through at least 2027. Zino says limited high-bandwidth memory wafer capacity and massive AI capital expenditures are supporting memory market pricing. CFRA has a “buy” rating and $900 price target for MU stock, which closed at $923.52 on May 28. Don’t be surprised if that price target gets updated soon, however, as a flurry of analysts have been rushing to update price targets to the $1,500 per-share level.
JPMorgan Chase & Co. (JPM)
JPMorgan Chase is one of the world’s largest banks and financial services companies with nearly $5 trillion in assets. Analyst Kenneth Leon says improving capital markets serve as a tailwind for JPMorgan’s diversified banking business model. Leon predicts elevated equity underwriting demand and higher mergers and acquisitions activity in the coming quarters, a dynamic that will help accelerate JPMorgan’s transaction growth and non-interest income from investment banking activities. Leon says the bank also has a thriving consumer franchise and will likely gain additional wallet share in 2026 and beyond. CFRA has a “buy” rating and $365 price target for JPM stock, which closed at $296.73 on May 28.
Wells Fargo & Co. (WFC)
Wells Fargo is one of the largest U.S. banks, lending mostly within the U.S. market. In June 2025, the Federal Reserve removed Wells Fargo’s punitive asset cap that had been in place since 2018. Analyst Alexander Yokum says the asset cap removal opened the door for Wells Fargo to once again pursue growth strategies and attempt to regain lost market share. In addition, Yokum predicts the bank’s return on tangible common equity will continue to improve toward its target range of 17% to 18%. CFRA has a “buy” rating and $108 price target for WFC stock, which closed at $76.65 on May 28.
[READ: 7 Best Long-Term ETFs to Buy and Hold]
Salesforce Inc. (CRM)
Salesforce is the world’s largest provider of cloud-based customer relationship management software. Like other tech stocks with low earnings multiples, Zino says there are reasons why the stock is cheap. The company faces challenges with seat growth, intense competition and concerns over possible AI disruption. However, Zino says Salesforce is better positioned than most software-as-a-service providers to fend off enterprise AI toolmakers, and Salesforce has also had early success with its own Agentforce enterprise AI platform. Zino says Salesforce’s sticky customer base is also a plus. CFRA has a “buy” rating and $210 price target for CRM stock, which closed at $176.17 on May 28.
Chubb Ltd. (CB)
Chubb is a property and casualty insurance company that provides commercial insurance and reinsurance. The company also underwrites life and health insurance and has a high-end personal lines insurance franchise. Analyst Catherine Seifert says Chubb’s underwriting capabilities and its ability to outgrow its peers will help the company create value for long-term investors. Seifert says claim costs have moderated so far in 2026, and Chubb’s pricing environment remains favorable. She says Berkshire Hathaway Inc.’s (BRK.A, BRK.B) large investment in Chubb is also a valuable, high-profile vote of confidence. CFRA has a “buy” rating and $380 price target for CB stock, which closed at $316.22 on May 28.
Bristol-Myers Squibb Co. (BMY)
Bristol-Myers Squibb is a global biopharmaceutical company that specializes in oncology, immunology and cardiovascular therapeutics. The company’s top-selling products include cancer therapy Opdivo, anticoagulant Eliquis and immunology drug Orencia. Analyst Sel Hardy says Bristol-Myers’ growth portfolio now accounts for the majority of the company’s sales, highlighting its successful diversification efforts and its attractive outlook. Hardy is particularly bullish on the long-term potential for Anti-MTBR-Tau-Targeting Antibody in addressing the massive Alzheimer’s market, which could grow to 13.8 million patients in the U.S. alone by 2060. CFRA has a “buy” rating and $73 price target for BMY stock, which closed at $56.91 on May 28.
Progressive Corp. (PGR)
Progressive is one of the largest U.S. auto insurance groups. It is also a market leader in motorcycle insurance and commercial auto insurance. Not only is Progressive’s stock attractively valued, its 7.2% dividend yield is the highest on this list. Seifert says Progressive has a top-tier underwriting platform, and positive claim trends have helped improve overall profitability. She says Progressive has consistently outshined its competitors on premium and investment income growth. Seifert says Progressive’s personal auto insurance business also makes it an excellent defensive investment. CFRA has a “buy” rating and $235 price target for PGR stock, which closed at $194.51 on May 28.
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7 Undervalued Stocks to Buy Now originally appeared on usnews.com
Update 05/29/26: This story was published at an earlier date and has been updated with new information.
