With all the artificial intelligence-related (AI) fervor, several tech stocks were offloaded by both retail and institutional investors. These oversold tech stocks then became somewhat overlooked by the majority of media outlets due to their lack of exciting progress toward an AI-centric goal. However, that does not mean they’re bad investments. Rather, they simply are not part of the current success story driving the market.

Yet, they may still have genuine potential, and thanks to the increased selling trend, some might argue they are trading at a discount. In this article, we’ll discuss three stocks that some analysts argue are trading at more than a 10% undervaluation compared to their intrinsic value.

In some cases, this discount can be a result of oversold positions or even overwhelmingly negative media coverage that has driven investors away from the stock. That said, just because a stock is at a discount does not mean it warrants a buy, rather it is a speculation on its potential to someday reach its intrinsic value.

HP (HPQ)

One of America’s primary laptop, desktop and printer producers HP (NYSE:HPQ) has not received the attention and appreciation commensurate with its financial performance. Up only 13% for the last 12 months, many investors have seemingly shrugged off the 3.15% dividend it offers at an attractive 11.87x price-to-earnings ratio.

One reason why the company has not garnered as much attention as other personal computer (PC) makers like Dell Technologies (NYSE:DELL) and Microsoft (NASDAQ:MSFT) is due to its relatively straightforward approach to AI. That’s because the company has announced a full suite of AI PCs to a relatively unenthused consumer base.

Most Americans are not necessarily lining up to buy a laptop or desktop with AI functionality, particularly when most still don’t have a habit of using it day-to-day. While that might change and propel HP stock upwards, most analysts agree the stock is undervalued as is, with Alpha Spread calculating it is 27% below intrinsic value.

Cisco Systems (CSCO)

Cisco Systems (NASDAQ:CSCO) has struggled to get attention over the last two decades since its big selloff following the dot-com crash. That has resulted in it falling among oversold tech stocks. Yet, the company has continued to work hard to stay relevant through experimental AI partnerships and exciting acquisitions.

From working with Nvidia (NASDAQ:NVDA) to improve Webex, to acquiring Splunk, Cisco has begun to raise the question of whether or not it is undervalued. Some analysts argue yes. Taking a quick look at its metrics, the company’s 16x price-to-earnings ratio suggests it is incredibly cheap at the moment. This factor is even more intriguing when compared to the broader tech industry which is full of overvalued stocks.

For CSCO, Alpha Spread calculates a 3% undervaluation from intrinsic value while the Globe Investor calculates 10%. In any case, I think CSCO has a lot of room left to grow as the tech world continues to rely on its cloud connection services.

Intel (INTC)

Opinions about Intel (NASDAQ:INTC) have ranged from bullish to excessively bearish over the last few months, and it’s the latter opinion that has seen many investors scrambling to offload the stock. Year-to-date, INTC stock has lost over 35% of its value. Part of this has been from abysmal losses related to chip manufacturing scrap rates while another part is due to intense investor selloffs.

As a result, the stock is trading very close to its 52-week low and could very well be in a great position for a turnaround performance. Here’s why, chipmaking capacity. While Taiwan Semiconductor Manufacturing (NYSE:TSM) may be the current semiconductor industry sweetheart, it cannot manufacture the quantity of semiconductors currently in demand.

As a result, major fabless chip designers could eventually turn to Intel for fabrication services, which would catapult INTC’s position in the market. It’s hard to say how much lower INTC stock could go before it goes up, but there’s a good chance it’s one of the undervalued and oversold tech stocks at this point.

On the date of publication, Viktor Zarev did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.