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Pro Analysis

Overbought: Many S&P 500 stocks have already reached their 12-month price forecasts from Wall Street

Clorox products are displayed for sale in a supermarket in New York.
Scott Eells | Bloomberg | Getty Images
Clorox products are displayed for sale in a supermarket in New York.

More than 20 percent of the S&P 500 components have rallied so much during this record-setting market run that they are already trading at or above the 12-month price target set by uber-bullish Wall Street analysts.

These overbought stocks could be due for a fall unless Wall Street radically revises up its forecast in the coming days. It could also be a sign that the market overall is overvalued.

Since the U.S. presidential election on Nov. 8, the S&P 500 index is up 10 percent, as investors bet that President Donald Trump's campaign promises of lower corporate taxes, deregulation and increased fiscal stimulus could spark a new wave of growth among S&P companies. After the rally, there are 116 S&P 500 members whose stock price is now above the consensus price forecast from analysts on the Street.

"Equity market valuations are stretched," BMO's chief investment officer, Jack Ablin, wrote in a note to clients Thursday.

Using data from FactSet, CNBC PRO screened the S&P 500 for the names that have blown past analysts' 12-month price targets. Among those stocks, we then searched for the ones that have at least doubled the 7 percent return of the S&P 500 index over the past three months. Below are some of the companies that made our list.