Everyone has a favorite story about an innovative company whose shares were once a bargain. Those stories usually end with a heartfelt, "If I had only known..." Morningstar equity analyst Michael Tian has a list of innovative companies selling at bargain prices right now.
His list begins with Applied Materials.
"They are the behemoth in the semiconductor tool industry," he told CNBC. "They basically have engineers in almost every chip-manufacturing facility in the world; these guys have to come up with new products every few years in order to keep themselves fresh and relevant."
He also likes Autodesk.