Here are Wall Street's favorite picks in the S&P 500 for 2022

Published Tue, Dec 28 202111:27 AM ESTUpdated Tue, Dec 28 20214:01 PM EST

Wall Street analysts are expecting a comeback for a handful of reopening stocks in the new year. While 2021 marked a major comeback for the economy from the Covid-19 pandemic, it faced 39-year high inflation, supply chain issues and changes in monetary policy. This year, the S & P 500 rallied roughly 27%. CNBC Pro screened for the most loved S & P 500 stocks on Wall Street heading into 2022 based on the number of analysts with buy ratings on the shares and the average upside to their consensus 12-month price targets. These stocks have at least 10% upside to their 12-month price targets. At least 70% of the analysts who cover the stocks say they are a buy. Despite energy being the best-performing sector this year, Wall Street sees certain fuel stocks continuing their move higher in the new year. Devon Energy rose 181% in 2021, but is expected to jump 16% in 2022. Diamondback Energy soared 127% this year, but is still expected to rally more than 20% next year. Valero Energy is also on the list and is forecast to add 23% in 2022. Wall Street is also betting on several reopening plays in the new year. While the vaccine rollout supported the economic recovery this year, several Covid-19 variants slowed the return to normal from the pandemic, putting some airlines and entertainment stocks at risk. Casino company Caesars Entertainment is expected to rally about 45% next year, according to Wall Street analysts. Alaska Air Group is expected to gain roughly 47% in 2022. The airline stock is also almost universally loved by analysts with more than 93% of them giving the company a buy rating. Automaker General Motors is also a S & P 500 favorite for the next year. The car company is forecast to rally nearly 30% next year with 76% of its analysts giving it a buy rating. The legacy automaker navigated a global shortage of semiconductor chips that has depleted vehicle inventories and shuttered plants in 2021. GM's CEO Mary Barra expects strong vehicle pricing to continue "well into" 2022, she told CNBC. Wireless provider T-Mobile , pharmaceutical company Catalent , News Corp. and Howmet Aerospace also earned spots among Wall Street's favorite picks in the S & P 500 for 2022.

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, March 16, 2021.

Rebecca Cook | Reuters

Wall Street analysts are expecting a comeback for a handful of reopening stocks in the new year.