Even with the stock market at record highs, there are a handful of blue chips trading as much as 20 percent below Wall Street analysts' price targets.
FactSet identified 32 companies in the S&P 500, or about 6 percent of the broader index, that fit that criteria.
One of the companies with the highest price target on average is Delta Air Lines. In fact, every analyst who covers Delta currently has a "buy" rating on the company. The airline stock's performance has been volatile over the past few months, but analysts say it is poised to go up by 29 percent.
Savanthi Syth, an Airlines Analyst at Raymond James, has a $48 price target on Delta, citing its competitive advantages among the stock's strengths.
"It's a very attractive U.S. airline industry, and beyond that Delta has made some very attractive investments that I think they're just starting to benefit from," Syth said. "So we expect them to continue to do well and generate a lot of cash and return cash to shareholders."
Read MoreEarly glance: Airlines companies
Despite its slew of recalls, GM is another top pick from analysts. The automaker has taken a hit this year but analysts remain bullish with a price target 29 percent higher than where it trades today.