Carnival, Lyft, and Peloton could be undervalued turnaround plays.

Over the past 12 months, the S&P 500 rallied more than 20%. It is hovering near its all-time high and looks historically expensive at 29 times its trailing earnings -- so this might not be the best time to hunt for bargain stocks.

But digging a bit deeper, investors will notice that plenty of stocks are still trading at discount valuations. Let's examine three of those unloved and undervalued stocks -- Carnival ( CCL -2.27% ) , Lyft ( LYFT -5.52% ) , and Peloton ( PTON 10.34% ) -- and see how they might churn a modest $3,000 investment into a lot more money over the next few years.

1. Carnival

Carnival, the world's top cruise line operator, suffered a severe slowdown in fiscal 2020 and fiscal 2

See Full Page