There’s at least some good news in the wake of President Donald Trump’s haphazard rollout of tariff policy: a group of fundamentally strong stocks are now very cheap. Growing uncertainty around the Trump administration’s trade policy toward China, Mexico, Canada and the European Union has unsettled markets over the past month, sending the S & P 500 into a 10% correction at one point late last week. Since New Year’s, the tech-heavy Nasdaq Composite is down 7.9% this year, the S & P 500 is lower by 3.7% and the Dow Jones Industrial Average is down 2.1%. Against those declines, analysts at KeyBanc Capital Markets compiled a list of stocks that look attractive after the market sell-off, offering investors economically resilient business models that are relatively immune to changing tariff and trade policy. Here are a few of the names KeyBanc highlighted: One name on the list was Swiss athletic shoe and apparel maker On Holding . KeyBanc said the company has maintained its momentum in all key markets, with little to no sourcing exposure. Shares have surged 42% over the past 12 months. Wall Street analysts reiterated their optimism following On’s better-than-expected fourth-quarter results, reported earlier this month. “ONON is a highly innovative athletic footwear brand well positioned to gain share,” said Bank of America analyst Thierry Cota, who called the company a “home run.” “We expect its superior growth to be fueled by strong brand heat momentum and product diversification opportunities.” Cota’s $73 per share price target is roughly 57% above where the stock closed Friday. That bullish sentiment was echoed by UBS analyst Jay Sole, who similarly has a $73 price target. “We think On’s continued focus on innovation, performance, athletes, sports, direct-to-consumer selling, and maintaining a premium, full-price brand image will lead to industry leading sales growth and earnings beats,” Sole said. Among industrials, KeyBanc highlighted military vehicle manufacturer Oshkosh . The bank has a $132 price target on the stock, implying nearly 38% upside. “We think OSK will be relatively immune to tariffs because as of 2024 ~84% of OSK’s revenue came from the U.S. with much of it produced domestically,” KeyBanc analysts wrote. “Additionally, OSK’s global manufacturing footprint should allow it to shift production to help mitigate much of the potential impact. Finally, we think OSK would be quick to increase prices to help offset any tariff impact it couldn’t avoid by other means.” Shares of Oshkosh have slumped 18% over the past 12 months. Medical and diagnostic maker Danaher is down nearly 15% over the past year, but KeyBanc analysts see the stock rising 47% over the coming year to their $310 price target. Analysts at Wolfe Research echoed that bullishness earlier this month, adding Danaher to their “Alpha List.” “We are adding DHR as we believe the recent selloff should provide an attractive entry point into a longer-term growth & margin outperformance story,” Wolfe Research wrote. “DHR should be positioned for upside to consensus ’25 EPS estimates, and more importantly, we are confident that this team will be able to instill conviction in a path back to [high single digit] organic growth & [low double digit]+ EPS growth over the next 12 months.”
