The latest market downturn has left many investors questioning whether this is a temporary dip or the beginning of a prolonged bear market.

Yet, an eye-opening indicator suggests that opportunities may be more abundant than feared—95% of S&P 500 stocks currently hold a median analyst price target above their latest trading price, signaling significant upside potential across the board.

Notably, two Magnificent Seven stocks—Nvidia Corp. (NASDAQ:NVDA) and Tesla Inc. (NASDAQ:TSLA)—rank among the top when comparing the gap between Wall Street’s median price target and current prices, a quite uncommon event for tech giants that traditionally trade at valuation premiums.

Is This A Market Bottom Or A Value Trap?

The S&P 500 officially entered correction territory last week, leaving investors to wonder whether the worst is over or if further downside awaits.

Ed Yardeni, president of Yardeni Research, has been one of the more bullish voices on Wall Street. Last week, he raised his probability of a bearish scenario from 20% to 35%. That forecast includes the possibility of a recession or stagflation—a combination of stagnant growth and inflation.

Yardeni also acknowledged the possibility that a bear market may have begun on Feb. 20, the day after the S&P 500 reached a record high. This shift in sentiment led him to lower his year-end 2025 S&P 500 target from 7,000 to 6,400.

From a technical standpoint, only 41% of S&P 500 stocks are trading above their 200-day moving average, signaling that most have fallen below a key trend support level, potentially confirming a bearish phase.

Yet, long-term market data provides a reason for optimism.

Jeffrey Buchbinder, chief equity strategist at LPL Financial, points out that market corrections—defined as a decline of 10% or more—occur every 1.1 years on average, dating back to 1928.

“Corrections also tend to produce attractive buying opportunities”

Since 1950, the S&P 500 has experienced an average intra-year drawdown of a negative 13.7%, yet it has still managed to post an average annual gain of 9.5%, with 73% of those years ending in positive territory.

Even in years when the index experienced an intra-year decline of 10% to 20%, the average annual return was still 8.4%, with 64% of those years finishing higher.

Which Stocks Have The Biggest Upside?

Based on current analyst price targets, several stocks stand out for their potential gains.

Deckers Outdoor Corp. (NYSE:DECK) leads the list, with a median price target nearly 95% higher than its last price. First Solar Inc. (NASDAQ:FSLR) follows closely, with a projected upside of 93%.

Notably, Tesla and Nvidia, two of the most closely watched growth stocks, also rank high on the list. Analysts see Tesla's price target at $371.50, representing a 64.9% upside, while Nvidia's median price target sits at $175, implying a 51.6% gain from current levels.

Other stocks with significant upside potential include:

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