After a brutal year for growth stocks, some companies are trading at steeper discounts on a price-to-earnings basis than they have in recent history, and that could present an opportunity for investors. Stocks tumbled in 2022 to their worst annual performance since 2008. The tech-heavy Nasdaq Composite Index plummeted more than 33%, while the S & P 500 shed 19.4% as the Federal Reserve hiked rates to subdue cripplingly high inflation, leading to mounting fears that a recession would follow. While the recent sell-off wiped out trillions in market cap among some of the world’s biggest companies, these sharp discounts may present a one-of-a-kind buying opportunity for investors in the new year. Given this setup, CNBC Pro screened for stocks that are already beating the market less than two weeks in to 2023 and trading cheaply based on their forward price-to-earnings ratios. Here’s the criteria we searched for: Forward P/E at a discount of 10% or more to the average forward P/E over the past five years Up more than 1.5% so far in 2023 and beating the market Loved by analysts, with 70 % or more rating the stock a buy Consensus price targets offering upside of at least 10% Shares of Amazon sold off sharply in 2022, tumbling about 50% as technology and growth stocks took a beating. The dominant e-commerce retailer also suffered its biggest one-year loss since 2000 as it grappled with investors facing fears of a looming recession and with consumer spending shifting to services from goods. After last year’s turmoil, Amazon now trades near a 36% discount to its average forward P/E over the past five years. Analysts also continue to recommend the stock, up 2.5% already this year, with more than 77% saying it’s a buy. The average price target suggests shares can surge more than 55%. AMZN mountain 2021-12-31 Amazon shares since 12/31/21 Media stocks also suffered in 2022 as streaming subscriber growth dwindled and companies faced a weakening advertising environment. Walt Disney got hit hard, dropping nearly 44% in 2022. Shares also reached a 52-week low following a softer-than-expected opening weekend for James Cameron’s movie “Avatar: The Way of Water.” Despite last year’s pain, Disney shares stand to gain 27% based on analysts’ consensus price target. The theme park operator also trades at a forward P/E of 21 times, representing a near 28% discount to the last five years. T-Mobile shares bucked 2022’s sell-off, gaining nearly 21%, and, looking ahead, analysts are overwhelmingly positive on the stock. At least 78% say it’s a buy, with the consensus price target implying nearly 20% upside. On a forward P/E basis, shares trade at a 31% discount to the last five years. Citi strategist Scott Chronert named T-Mobile among his favorite large-cap stock picks for 2023. Goldman Sachs also highlighted T-Mobile, along with Disney, among those it expects to see above-average earnings growth this year. Delta Air Lines and Alaska Air Group trade at some of the deepest P/E discounts of the group. Delta currently sits at 7.1 times forward earnings, a 78% discount to its five-year average. Alaska, meanwhile, trades at 8.6 times, representing a roughly 70% discount. A weakening economy could test these stocks in the months ahead, but analysts still see their shares rallying nearly 35% each. Visa, Salesforce and Halliburton also popped up on the CNBC screen.