Over the past 12 months, the S&P 500 rallied 35% as investors bought more stocks in anticipation of milder inflation and lower interest rates. But with the benchmark index now hovering near its record high and trading at a historically high forward price-to-earnings (P/E) ratio of 23, some investors might be reluctant to load up on new stocks.
Yet there are plenty of promising stocks still trading at discount valuations in this frothy market. I believe value-seeking investors can scoop up more shares of these three stocks before the bulls spot their phenomenal growth potential again.
This post originally appeared at The Motley Fool.