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The stock market has been gaining every year since 2008 and setting all-time highs along the way. As a result, many investors think it is at its peak and along with it, so are individual stocks. But the reality is that not all stocks have been consistently rising. There are undervalued stocks out there.

In fact, there are a lot of undervalued stocks. Most of the recent gains in the stock market has centered around a handful of stocks, while others have just languished. As a result, there are some good buying opportunities out there for investors.

In this post, I am going to highlight 3 undervalued stocks that still have room to grow, even though the market as a whole is near an all-time high.

What are these 3 undervalued stocks? 

#1. Shire (Nasdaq: SHPG)

Shire is a pharmaceutical company based in Ireland. The stock has swung wildly over the past few years thanks to many events.

Shares of Shire are still down, but the company has a solid pipeline of drugs coming to market. Trials for lanadelumab are positive and analysts see the drug adding $2 billion in annual revenue.

They also have 2 other drugs, Xiidra and Vyvanse, both of which are market leaders.

In its recent earnings report, Shire reported earnings per share of $3.63, which beat estimates by $0.36 and revenues of $3.57 billion, which met estimates but were an increase of 109%.

Experts expect earnings growth of 15% for both 2017 and 2018. If this holds, you can expect the stock to rise.

#2. Tesoro (NYSE: TSO)

Oil has been in the news lately as the price of crude has been fluctuating wildly. One company that is benefiting from low oil prices is Tesoro. But what happens when oil prices rise? Tesoro has already thought of that and is working on being a powerful player here too.