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Here are billionaire Leon Cooperman's 5 favorite cheap stocks right now

  • "The market is in a zone of fair and full valuation. I see very few signs of exuberance," Cooperman said. "I predict oil will be higher in an year. I see the price of oil going to $60."
  • The hedge fund manager founded Omega Advisors in 1991. The firm has approximately $3.6 billion in assets under management.

Billionaire hedge fund manager Leon Cooperman recommended First Data, Shire, United Continental Holdings, Hess and WPX Energy at the Delivering Alpha conference on Tuesday.

On First Data: "The stock is very cheap," he said.

On Shire: "Investors have overly discounted concerns and ignored positive data."

On United Continental: "The airline's management has identified a lot of cost opportunities. I expect 15 percent earnings growth the next few years."

On Hess and WPX Energy: "The solution for low oil prices is low oil prices. Energy stocks seem overly discounted. These two picks have growing production profile and a net asset value well above current prices at existing oil prices."

At the conference, presented by CNBC and Institutional Investor, Cooperman also shared his view on the market and oil prices over the next year.

"The market is in a zone of fair and full valuation. I see very few signs of exuberance," he said. "I predict oil will be higher in an year. I see the price of oil going to $60."

Cooperman founded Omega Advisors in 1991. The firm has approximately $3.6 billion in assets under management, according to its website.

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CNBC and Institutional Investor hosted the 7th Annual Delivering Alpha Conference in New York City. Delivering Alpha continued to be an incomparable who's who of the investor community, with hedge fund titans, private equity giants and top institutional investors offering candid views, along with illustrious political and economic commentators appearing in segments moderated by CNBC talent and II editors.

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