The stock market has been wobbly this year. The S&P 500 index gained 18.5% in the first seven months of 2023 but has dropped back to a year-to-date increase of just 9.6% since then. The retreat has made no-brainer buys out of some top-quality stocks, but there are some I still wouldn't touch with a 10-foot pole. An ebbing tide may uncover some hidden treasures, but not every sinking ship can be rescued.

Let's take a look at one fantastic company whose stock looks deeply undervalued right now and another that truly belongs in Wall Street's bargain bin -- and should be left there.

Cell tower and communications infrastructure specialist American Tower (NYSE: AMT) looks incredibly cheap right now. I mean that in a good way, like finding a luxury-brand jacket in a yard sale. The pockets are full of cash, too.

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Source Fool.com