Wall Street says these Nasdaq stocks have the best shot at bouncing back from the bear market

Published Tue, Mar 8 20224:04 PM EST

As investors eye stocks to pick up at a discount after the Nasdaq tumbled more than 20% from its record high in November, Wall Street analysts believe there are significant buying opportunities, a CNBC PRO screen revealed. The Nasdaq Composite dropped 3.6% on Monday, falling into bear market territory after sustaining continued declines over the past several months. Investors are pivoting away from growth stocks, spooked by rising inflation and escalating geopolitical risks in Ukraine. The index fell deeper into bear market territory on Tuesday and now sits 21% off its recent high. Still, there are some attractive picks in the tech-heavy exchange. CNBC Pro reviewed members of the Nasdaq-100 to find stocks most likely to bounce back from the dip, according to Wall Street analysis. All firms surfaced in our screen were given buy ratings by at least three out of four financial analysts, according to FactSet data. All have average price targets representing at least 30% upside over the next 12 months, from where stock prices are currently trading. And the fundamentals are sound for these stocks as well, with earnings per share expected to rise more than 10% this year. Here are six buying opportunities in the bear market: Microsoft shares may be down 21%, but nearly 80% of analysts have given the firm a buy rating. Last week, analysts at Wolfe Research called the company "one of the cleanest stories" in software, forecasting key growth in its cloud computing and productivity tools businesses. Wolfe enterprise software analyst Alex Zukin wrote that the firm "has potential to outperform our estimates and deliver mid-teens EPS growth over the next few years, making shares more attractive than they appear on the surface." Other tech firms are also expected to rebound. Cybersecurity firm CrowdStrike Holdings ' stock price cratered 47%, but its average price target represents about 67% upside. EPS growth is set to skyrocket 115%. Meanwhile, Marvell Technology 's stock price fell 33%, but the chipmaker's EPS growth is expected to jump 46%. The semiconductor company recently reported an earnings beat. Computer data storage company Micron Technology 's stock price declined 22%, but the firm's EPS growth is estimated to jump 51%. E-commerce company MercadoLibre 's shares fell spectacularly by 52%, but the firm's growth is expected to skyrocket 327% this year, data shows. Telecommunications firm T-Mobile US ' shares declined 21%, but EPS for the firm will grow 15%.

People with umbrellas pass by bull and bear outside Frankfurt's stock exchange during heavy rain in Frankfurt, Germany.

Kai Pfaffenbach | Reuters