As Nasdaq hits record, these cheap stocks with upside could lead the next leg higher

Published Tue, Apr 27 20212:01 PM EDT

The Nasdaq Composite just hit a fresh new record. Here are some inexpensive technology darlings for investors looking for well-liked stocks that could push the index to its next milestone. The technology-heavy Nasdaq Composite hit an all-time high of 14,175.11 on Monday, its first fresh record close since Feb. 12. The average is up nearly 10% year-to-date, trailing the Dow Jones Industrial Average and S & P 500 after a volatile first quarter amid a rising in interest rates. Now that the Nasdaq is back on a winning streak, investors might want to watch out for the stocks that could lead the next leg higher for the index. CNBC PRO screened for stocks in the Nasdaq 100, the top 100 nonfinancial companies in the Nasdaq Composite, to find the names that Wall Street believes have room to run. All the listed stocks have more than 10% upside to their 12-month price target. Of the Wall Street analysts that cover the stocks, more than 70% have a buy rating. Plus, all the companies have a forward price-to-earnings ratio less than 29, which is the forward P/E ratio for the entire Nasdaq 100. Take a look at CNBC PRO's list here. CNBC's list is filled with semiconductor stocks like Micron Technology , Applied Materials , Lam Research and Analog Devices . Barclays told clients last week that while inflation "doesn't have a huge impact" on semiconductors, companies are passing on rising costs to their customers. The current shortage of chips means buyers who need them "will have to pay up, now," the firm added. Wall Street also expects a strong year for chips as the 5G cycle heats up. Plus, Goldman Sachs expects semiconductor companies – the firms behind the technology used for electric vehicle safety features – to outperform amid the boom in autonomous driving. Micron Technology has more than 35% upside to its 12-month price target, while Applied Materials has more than 15% upside. Lam Research is expected to gain more than 13% and Analog Devices is expected to rise more than 14% in the next year. Video game company Activision Blizzard is another stocks on CNBC PRO's list. Wall Street firm Benchmark is expecting Activision Blizzard to beat on the top and bottom lines of its earnings next week. "We are encouraged by concurrent business momentum and significant upcoming product catalysts in F2H21 and FY22 that should deliver step up growth," Benchmark analyst Mike Hickey told clients. Hickey said its a bullish sign that "Call of Duty: Warzone" reached 100 million players in about 13 months. Analysts on Wall Street expect Activision Blizzard to rally more than 22% in the next year. Facebook earnings on deck Social media giant Facebook also made CNBC PRO's list. Facebook is reporting its quarterly results after the bell on Wednesday and Stifel said numerous third-party data providers point to continued momentum in demand for Facebook ads during what is normally a seasonally-slower first quarter. This data supports "Facebook's outlook for stable to accelerating y/y advertising revenue growth as the ad market recovery continues to have legs well beyond the strong holiday season," Stifel analyst John Egbert told clients. Stifel has a buy rating and $350 per share price target on Facebook. Nearly 80% of the analysts that cover Facebook recommend buying the stock. Plus, the so-called FANG name has more than 13% upside over the next 12 months. Vertex Pharmaceuticals , Fiserv , Mondelez International and Exelon also made the list of inexpensive Nasdaq 100 stocks with upside. — with reporting from CNBC's Michael Bloom.

Attendees play the Activision Blizzard Inc. Call Of Duty: Black Ops 4 video game at the company's booth during the E3 Electronic Entertainment Expo in Los Angeles, California, on Tuesday, June 12, 2018.

Troy Harvey | Bloomberg | Getty Images

The Nasdaq Composite just hit a fresh new record. Here are some inexpensive technology darlings for investors looking for well-liked stocks that could push the index to its next milestone.

The technology-heavy Nasdaq Composite hit an all-time high of 14,175.11 on Monday, its first fresh record close since Feb. 12. The average is up nearly 10% year-to-date, trailing the Dow Jones Industrial Average and S&P 500 after a volatile first quarter amid a rising in interest rates.