These companies are cheap, have strong balance sheets, and analysts love them

There have been few places for investors to hide this year, but this year's sell-off may have opened some buying opportunities in names that are undervalued relative to the market, and have solid balance sheets. The S & P 500 is down about 19% in 2022, while the Nasdaq has dropped about 29% in that time. All sectors in the broader market index are down this year, with the notable exception of energy, which is up 61.6%. Still, the current market backdrop could present an opportune moment for value stocks, which some market participants expect will continue to gain momentum, should the Federal Reserve start to slow their pace of interest rate increases. "For young people with cash, I think this is a great time to come in," Wharton Business School professor emeritus Jeremy Siegel said Tuesday on CNBC's " Squawk Box ." "The swing that we saw still has a way to go away from the tech, more towards dividend paying, more towards those value investments in 2023," he added. Given all of this, CNBC Pro searched for stocks in the S & P 1500 with a market cap of at least $1 billion, with at least 10 analysts covering the stock, that have the following qualities: Price-to-book value— a valuation metric that looks at a stock price relative to the book value of a company — of less than 3.83, or below the S & P 500 Total debt as a percentage of equity of 30% or less Buy ratings from 60%, or more, of analysts covering them Upside to average analyst price target of at least 20% Here are 10 names we found. Advanced Micro Devices has a price-to-book value of 1.7, with a total debt as a percentage of equity of 5.8%, according to FactSet data. What's more, the stock is expected to jump 51.9% from here. Stifel initiated coverage of Advanced Micro Devices last month with a buy rating, saying that the stock has continued to gain share in client computing and server markets, and have broadly priced in fears of a PC market slowdown. Salesforce has a price-to-book value of 2.7, with a total debt as a percentage of equity of just 23.8%. Nearly 80% analysts who cover Salesforce have a buy rating on the stock. Analysts also see the stock going up by about 31% on average. Goldman Sachs said in a note earlier this month that Salesforce has a more "constructive set up" as it transitions to a subscription business, and is poised for a strong recovery ahead given its record low churn rates the past several quarters. Knight-Swift Transportation has a price-to-book value of 1.2. It has a total debt as a percentage of equity of 25.8. Analysts expect more than 25% upside from here, according to consensus estimates. Other stocks included in this list include Arcus Biosciences , Essent Group and Exelixis . — CNBC's Michael Bloom contributed reporting.