If you are looking for a bargain in this market selloff, you're in the right place.

We used TipRanks' Top Analyst Stocks tool to pinpoint three key stocks that are poised to soar from current levels. These are under-performing stocks with substantial backing from Wall Street's best-performing analysts. And as you will see below, all three of these stocks look seriously undervalued right now. 

Global Blood Therapeutics

GBT (GBT) specializes in sickle cell disease, an inherited blood disorder caused by a genetic mutation. However, the stock plunged nearly 17% on June 15 following mixed results from a critical trial. Shares have slightly improved since then, but on a five-day basis, GBT is still trading down over 11%.

The trial in question was a HOPE-KIDS 1 Phase 2a study. GBT was testing how children with sickle cell disease reacted to experimental drug voxelotor. While the hemoglobin response was impressive, the total symptom score (TSS) came in below expectations. But the drug candidate remains attractive, according to top-ranked Wedbush analyst Liana Moussatos.

"Barring any dramatic deterioration in the safety profile, we believe voxelotor remains an eminently approvable medicine with clear disease modifying properties directed at a population with limited clinical options," writes Moussatos. She reiterated her $70 price target on GBT (66% upside potential), while adding "we remain byers on weakness."

Indeed from an investing perspective, the stock only appears more attractive post-plunge: "With the June 15, 2018, drawdown in the rearview, Global Blood's stock is now underperforming the sector, up modestly 1.5% YTD vs. roughly 15% for the XBI; offering significantly better risk-reward heading into the HOPE Part A readout, in our view."

Our data shows that the Street is united in its bullish take on GBT. The stock floats a 'Strong Buy' analyst consensus rating with 8 consecutive recent buy ratings. Meanwhile, the average analyst price target of $73.71 indicates huge upside potential of 74%.

Alarmcom

As the name suggests, Alarmcom (ALRM) uses tech to keep homes safer and more connected. Over five million people use ALRM as a security system. And the company also has smart home systems covered with multiple interconnected devices from energy management to full home automation.

The stock is currently down by 13% on June 21 following a ratings downgrade. Goldman Sachs analyst Gabriela Borges also slashed her price target to $37 from $41. This suggests a 6% downside from the current share price. She believes there is a risk to Alarmcom from cheaper do-it-yourself options instead of using professionally installed monitoring systems. Interestingly, however, our data reveals that Borges significantly underperforms with her ratings. On a one-year basis she is currently tracking only a 48% success rate and -0.06% average return.

And at the same time, the rest of the Street has a bullish outlook on Alarmcom. Indeed, if we focus in on only ratings from top-ranked analysts Alarmcom actually has a 'Strong Buy' consensus rating. This comes with an average price target of $54 (37% upside potential).

In particular, five-star Maxim Group analyst Nehal Chokshi has just reiterated his Buy rating with a $59 price target (49% upside potential). He refers to a number of recently launched catalysts that make current guidance look conservative.

These catalysts center around big growth in the more lucrative Alarmcom commercial subscribers (who currently represent only ~2.5% of Alarmcom core subscribers). Alarmcom has just launched; (1) the first official Alarmcom commercial offering; (2) smarter access control for businesses; and (3) new and improved commercial-grade video products and image sensors. So brace yourself for growth.

Micron 

Hot chip stock Micron (MU) is just out with its fiscal third quarter results. The good news: the results easily beat expectations. Micron reported fiscal third-quarter earnings of $3.10 a share, on sales of $7.8 billion, up from $5.57 billion in the year-ago quarter. The even better news: share prices are marginally down. This means the stock is still trading at a very compelling $59.

Top analysts believe share prices can spike 35% from these levels to hit $79.55. In fact, from top analysts alone Micron boasts a 'Strong Buy' consensus with 17 recent buy ratings vs only 3 hold ratings and 1 sell rating.

Five-star Stifel Nicolaus Kevin Cassidy has one of the highest price targets on Micron. He has just boosted his price target from $106 to $108. As a result, Cassidy is now modelling for massive upside potential of 83%, a reflection of his confidence that the memory cycle is a long way from reaching its cyclical peak. Instead, he believes the 'beat and raise' quarter supports his view that a number of growth drivers are keeping demand in place, from widening memory applications to the increasing important of memory in system performance.

Similarly, top MKM Partners analyst Ruben Roy has also bumped up his price target. He is now envisioning a 31% rise to $77 (from $72 previously). He believes that memory stocks, including Micron, are "positioned to benefit from continued positive demand trends and a rational supply environment over the next few years". On top of this he praises the company's strong execution across multiple areas from technology ramp up, to cutting costs and strengthening the balance sheet.

-Analysis by Harriet Lefton.

This piece is brought to you by TipRanks. TipRanks offers investors the latest insight into eight different sectors by tracking the activity of over 4,750 analysts, 5,000 financial bloggers and even 37,000 corporate insiders.

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