These are analysts’ favorite value stocks heading into 2023, including one name expected to double

Published Sun, Dec 18 20227:20 AM EST

Value as a strategy has enjoyed a rare year of relative outperformance. That momentum could be carried over into 2023. The iShares Russell 1000 Value ETF (IWD) is down just 10.6% year to date. The IWF , its growth counterpart, has dropped 28% in that time, while the S & P 500 has fallen nearly 20%. This would mark the first time since 2016 that the IWD outpaces both the S & P 500 and IWF since 2016. It's also just the third time in 10 years that value has outpaced growth. These moves come as the Federal Reserve raises rates to fight inflation, making value names -- which trade at a discount to the market and generally have solid fundamentals – more attractive to investors. And, with the Fed signaling it will keep raising rates through 2023 , value could be primed for another strong year relative to growth and the broader market. Given this backdrop, CNBC Pro searched for analysts' favorite stocks heading into 2023, using the following criteria: iShares Russell 1000 Value ETF (IWD) constituent Market cap of $2 billion or more Trailing price-to-earnings ratio below the S & P 500's (18.89 through Friday's close) Buy ratings from at least 60% of analysts covering each stock Stock must be covered by 12 or more analysts Here are the names that made our list. Dish Network has the highest potential upside of any stock on the list, with analysts expecting it to surge 124% over the next 12 months. The stock also trades at a steep discount relative to the broader market, sporting a price-to-earnings ratio of 4.8 and has buy ratings from two-thirds of analysts covering it. To be sure, Dish shares have had a tough year, losing 55.6%. Another name that made our list is something that was typically thought of as a growth stock in the past: Google-parent Alphabet . The stock is trading at a slight discount relative to the S & P 500 and has buy ratings from three-quarters of analysts covering it. The stock has suffered in 2022, dropping more than 37%. However, William Blair analyst Jason Ader named Alphabet a top pick for 2023, noting: "While advertising revenues represented approximately 80% of consolidated revenues in 2021 for Alphabet, non-advertising segments (such as Google Cloud) may help soften the headwinds faced in the advertising sector." Mattel also made the list, with a price-to-earnings ratio of 10 and buy ratings from 73% of analysts. The stock is expected on average to rise by 59% going forward. The toy maker in October reported third-quarter earnings that beat expectations. However, Mattel also lowered its full-year earnings per share guidance. Another stock that made the list is energy stock EQT , which has a price-to-earnings ratio of 8.2 and has buy ratings from 74% or analysts covering it. The stock is one the best performers in the S & P 500 for 2022, gaining more than 70% as investors have piled into the energy sector this year. Other stocks that made the list are: Exelixis, Darling Ingredients, Signature Bank, Chesapeake Energy, Western Alliance Bancorp, Lithia Motors, Copa Holdings, Tenet Healthcare, Carlyle Group, OneMain Holdings, Wintrust, Bunge, Ovintiv and Diamondback Energy. — CNBC's Michael Bloom contributed reporting.