But investors still have to contend with uncertainty as analysts continue to warn of a recession this year. Stock screen CNBC Pro screened for stocks in the S & P 500, Nasdaq Composite and MSCI World for cheap stocks with big upside. They met the following criteria: Stocks trading at a lower forward price-to-earnings ratio relative to their average five-year forward P/E multiple; "Buy" ratings from at least 40% of analysts covering them; Upside to average price target of 30% or more. First Solar and Broadwind Energy stood out for having among the highest potential upside on the list at 175% and 250%, respectively. Of the stocks on CNBC's screen, Valero Energy is trading at the steepest discount at 95%.

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