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Here are the cheapest stocks in the market right now

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Consumer discretionary and technology shares are the cheapest stocks in the market today using a simple valuation technique called the PEG ratio, according to analysis by Raymond James.

The PEG ratio is calculated by taking the price-earnings ratio divided by a company's estimated long-term growth rate.

"Our stance on valuation when it comes to the overall market is that, while equities are certainly not cheap, they aren't as overvalued as everyone seems to believe when you factor in low-yielding alternatives to stocks and improving corporate earnings in future quarters, but under the surface there are definitely pockets of the market that are more 'dear' than others," wrote Andrew Adams, market strategist at Raymond James, in a research note.