These stocks pulled back in August but analysts expect them to bounce back — giving one 103% upside

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August has been a rocky month for stocks. CNBC Pro screened for those that pulled back this month but still have upside potential of at least 30%.

August has been a rocky month for stocks so far. The major U.S. averages have been in negative territory this month , and valuations are coming down from their lofty heights. The S & P 500 has declined 4% this month, and the Nasdaq Composite about 6%. The U.S. Federal Reserve July meeting minutes indicated that additional tightening may be necessary to bring down inflation, adding to investor fears. Markets elsewhere also slowed, with the Vanguard FTSE All-World ex-U.S.

George Ball, chairman of investment firm Sanders Morris Harris, predicts that S & P 500 will land at 5,000. In a Monday note, he said companies are showing a "remarkable ability" to beat earnings expectations even with interest rates over 5%. "Investors should be maintaining their normal stock, bonds and cash ratios, however they should shift from big and FANG-y mega-cap technology stocks into mid-sized technology stocks, which are trading at better valuations," he said.

 

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