The S&P 500 is trading just 2% off its all-time closing high of 7,609.78 set on June 2. CNBC Pro identified S&P stocks considered cheap with a forward P/E of 14.8 or lower, representing a 30% discount to the index, and at least 20% upside potential. Devon Energy is the cheapest name on the list with a forward P/E of 9 and 36% upside, following the completion of its $5.8 billion merger with Coterra Energy in May. Micron Technology offers the highest upside at 79%, driven by quadrupled revenue in the fiscal third quarter, while Walt Disney shows 32% upside with 73% of analysts rating it a buy. Carnival rounds out the list with approximately 25% upside and 69% buy ratings.
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