Stocks that could be late bloomers

Even with the stock market at record highs, there are a handful of blue chips trading as much as 20 percent below Wall Street analysts' price targets.

FactSet identified 32 companies in the S&P 500 (^GSPC), or about 6 percent of the broader index, that fit that criteria.

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One of the companies with the highest price target on average is Delta Air Lines (DAL). In fact, every analyst who covers Delta currently has a "buy" rating on the company. The airline stock's performance has been volatile over the past few months, but analysts say it is poised to go up by 29 percent.

Savanthi Syth, an Airlines Analyst at Raymond James, has a $48 price target on Delta, citing its competitive advantages among the stock's strengths.

"It's a very attractive U.S. airline industry, and beyond that Delta has made some very attractive investments that I think they're just starting to benefit from," Syth said. "So we expect them to continue to do well and generate a lot of cash and return cash to shareholders."

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Despite its slew of recalls, GM (GM) is another top pick from analysts. The automaker has taken a hit this year but analysts remain bullish with a price target 29 percent higher than where it trades today.

Meanwhile, there are 29 stocks in the S&P 500 trading at least 3 percent above analysts' average price targets.

Experts are especially bearish on office supply chain Staples (SPLS). Analysts polled in FactSet have an average price of $11 on the stock, 12 percent below where it currently trades. The company's sales slumped last quarter, hurt by store closures and online competition.

Analysts are also bearish on another specialty retailer, PetSmart (PETM). Despite the stock's stellar performance this summer, up almost 30 percent between Memorial Day and Labor Day, analysts in FactSet have price targets on average 9 percent below its current levels.

Food companies including Campbell Soup (CPB), Keurig Green Mountain (GMCR), ConAgra Foods (CAG) and Kellogg (NYSE:K) also make the list of stocks analysts expect to underperform.

Still, while analyst opinions are important for a lot of investors, some Wall Street pros say to look beyond price targets when investing in stocks.

"In this day and age with the Internet, you can get any of the information that an analyst can come up with very quickly," said Peter Costa, Empire Executions President. "Everything's out there. I don't think there's any advantage at all to having an analyst report in front of you."

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