These are the cheapest stocks with upside in the Dow Industrials to start 2024

The blue chip Dow Jones Industrial Average has started off the year outperforming other major equity indexes as technology shares retreated. The Dow is little changed in the first week of 2024, falling about 0.3%, while the S & P 500 and the Nasdaq Composite are down 1.3% and 2.9%, respectively.

Tech names led the sell off following megacap's banner year in 2023. So for investors trying to find cheap stocks in the blue chip average, we used the CNBC Pro Stock Screener to identify the most attractive names that also boast high conviction from Wall Street analysts. Here are the most appealing names right now in the 30 stock Dow average.

The criteria for the screen are as follows: Current price to earnings ratio is at a discount to the average 5 year P/E Forward P/E also lower than its 5 year average P/E Consensus price target calls for at least 5% upside ahead Chevron is the stock in the Dow selling at the biggest discount. After falling nearly 17% in 2023, the energy name has gained 1.3% in the new year.

The consensus price target from Wall Street analysts suggests 17% potential upside in the next 12 months for Chevron. Nike is also on the list. The iconic athletic shoe maker's shares have been sliding since mid December, when it cut its revenue outlook for the fiscal year and unveiled a $2 billion cost cutting plan.

Wall Street analysts, however, appear to believe that Nike will rebound, with the consensus price forecast pointing to a 19% advance for the stock. Other stocks on the list of cheap Dow stocks were Cisco Systems , Coca Cola , Procter & Gamble , Walmart , McDonald's and Visa ..