With the S 500 index up 16% in 2023 and the Nasdaq Composite index up 32%, it's generally been a great year for the market. Of course, not every stock has been a big winner. 

Strong momentum for the broader market may have made it more challenging to find great deals, but there are still some great companies with promising long-term growth outlooks trading at big discounts. If you're on the hunt for cheaply valued stocks capable of delivering fantastic returns, read on to see why two Motley Fool contributors identified American Tower (NYSE: AMT) and PayPal (NASDAQ: PYPL) as great buys right now. 

Josh Kohn-Lindquist (American Tower): A recent Ericsson Mobility Report showed that mobile data traffic in the United States is expected to rise by 20% annually through 2028. This megatrend may be one of the most inevitable propositions of the modern era.

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Source Fool.com