Investors can still find discounts even if shares hit new all-time highs. Both the S&P 500 and the Dow Jones Industrial Average hit new records Friday, surpassing previous highs reached just the day before. The two benchmarks were also on track for strong weekly gains. A bumper earnings report from chipmaker Nvidia helped lift the broader market in the second half of the week, particularly the technology sector. However, the rally was quite broad, with the healthcare and industrial segments of the market hitting record closes on Thursday. Despite the market rally, there are some relative bargains for investors. CNBC Pro analyzed FactSet data to look for stocks that meet the following criteria: Stocks are trading at a discount to their sector and industry. The shares have an upside price target of at least 15%. Shares are up more than 5% over the past month. The stocks are part of the S&P 500. American Airlines made the list. The stock is up about 12% over the past month and nearly 11% since the beginning of the year. Despite the strong gain for the airline, the shares are still reasonably priced relative to the broader industrial sector of the market. American Airlines shares currently trade at a price-to-earnings (P/E) multiple of 5.8 overall, slightly lower than the industry average. Only 48% of analysts surveyed by FactSet maintain a Buy rating on the stock, but the average price target implies an upside of nearly 16% going forward. AAL YTD mountain American Airlines shares. Citi upgraded American Airlines shares to buy from neutral last month, with analyst Stephen Trent highlighting the company’s effort to pay down debt and low capital expenditures as catalysts for strong growth in the post -pandemic. Exxon Mobil also made the list with shares up more than 8% over the past month. Despite the gain, it trades at relative discounts to the energy sector and oil industry. Nearly 60% of analysts surveyed by FactSet have a buy rating on Exxon Mobil shares, with their price targets calling for an advance of nearly 20%. The company beat Wall Street’s earnings estimates for the fourth quarter earlier this month, even as falling oil prices held back revenue. Looking ahead, Exxon Mobil’s deal to purchase Pioneer Natural Resources is expected to close in the first half of 2024. Other names on the list include General Motors and CVS Health.