These stocks have surged since the market’s March bottom… and analysts say they have more to go – CNBC

Wall Street and New York Stock Exchange in New York.

Alexander Spatari

(This story is for CNBC Pro subscribers only).

The S&P 500 completed a remarkable comeback on Monday, turning positive once again for the year after the spreading pandemic and its economic fallout sent stocks plunging in March.

The index has now rallied more than 47% since its March 23 intraday low and is within 5% of its high from Feb. 19. 

According to Wall Street analysts, this rally may have already gone too far for many of the stocks that make up the index. Of the 13 stocks that have seen the biggest increase since March 23, 11 had already surpassed their average price target as of Monday, according to FactSet.

Several of those stocks, including energy company Apache and Norwegian Cruise Line Holdings, are overvalued by more than 30%, according to analyst targets.  

But there are still some stocks that have performed well since the market bottomed and still have higher to climb, according to analysts. The S&P 500 has 10 stocks that have risen at least 50% since March 23 and have at least 10% upside, according to FactSet.

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These stocks have surged since the market’s March bottom… and analysts say they have more to go – CNBC

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