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Street picks: 20 stocks that are ready to pop

Delta Air Lines planes at John F. Kennedy Airport in New York.
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U.S. equities may be at an all-time high, but Wall Street analysts believe some stocks have plenty of upside potential.

Within the , one-quarter of the index components are expected to rise at least 10 percent in the next 12 months, according to analysts' price targets compiled by FactSet.

Most of the names belong to the energy sector, which is down 20 percent from its high in June. But financials, consumer discretionary, health care, industrial and technology equities also have a decent representation.

As a group, these favorite Wall Street picks are down 2 percent on average this year but have rallied 3 percent in the past month as the bull market resumed.

An increase in volatility since December has created opportunities for stocks pickers, who benefit from erratic moves or inefficacies in the market.

"There's much less correlation and more divergence this year and that's where the opportunity lies", said Art Hogan, chief market strategist at Wunderlich Securities.

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Accounting for the feeble gains in the past two months, the S&P is projected to rise another 5 percent by January, should it hit its consensus target price of 2,222 among 15 financial strategists from major banks.

The Money Play:

With data from FactSet, CNBC screened for stocks in the S&P that are ready to pop based on analysts' consensus estimates. The table below shows some of the stocks that made the cut. Most of these names significantly underperformed the market in the past year, but analysts are holding out hope they will reverse in the coming months.

Consider Freeport-McMoRan, which is currently a consensus "overweight" among 22 financial analysts. The stock is down 35 percent in the past year, but rallied 27 percent this month. Analysts predict the stock could go up another 24 percent in the next 12 months.