Stocks Still Cheap? One Pro Says Yes

A few stocks appear to be great deals, even with the recent market gains, TCW Relative Value Large Cap Fund Portfolio Manager Diane Jaffee said Monday.

"We still think the valuations are very attractive, looking at price to book and dividend yield of 2.4 for the price to book for the market and 2.1 still for the dividend yield of the S&P 500," she said.

On CNBC's "Fast Money," Jaffee said that she saw a floor for the market.

"And importantly, we're still only at a 36 percent payout ratio, so there's more to come," she added.

Jaffee said that she was focused on finding companies with strong growth potential and stock price appreciation.

One such name was Pfizer.

Its research and development pipeline for new drugs was "so super-hot that most people are forgetting about that and just concentrating on the dividend yield," Jaffee said. "It's a luscious dividend yield of 3.3 percent and yet they have this red-hot pipeline."

Jaffee said that Apple didn't meet her criteria for owning.

"We prefer to let it season along the bottom," she said, adding that it didn't have a dividend yield higher than the market and its price-to-book stock price was "still expensive."

In Home Depot's share price, she added, there was "still a lot more to come."

Trader disclosure: On May 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long HD; Stephanie Link is long GE; Stephanie Link is long ESV; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long WFC; Simon Baker is long SBUX; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long HD; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Jon Najarian is long MBI; Jon Najarian is long BAC; Jon Najarian is long JNPR; Jon Najarian is long FFIV; Jon Najarian is long RDN; Jon Najarian is long UVXY; Jon Najarian is short NFLX; Scott Black is long QCOM; Scott Black is long TCAP; Scott Black is long WLL.