While most stocks trading at absurdly cheap valuations do so for very legitimate reasons, there remain many cases where this deep discount from the market may be short-sighted. Two businesses that currently epitomize this concept are online petcare retailer (NYSE: CHWY) and beloved confectioner The Hershey Company (NYSE: HSY).

However, after a 60% rise in its share price over just the last month, Chewy probably doesn't scream "absurdly cheap" to investors any more. Yet I believe this could prove to be the starting line for a much larger, long-term run for Chewy's share price.

Meanwhile, with Hershey trading at a once-in-a-decade low valuation, it may seem like the brand is facing an existential crisis. But this couldn't be further from the truth as the company continues to navigate current challenges with aplomb.

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Source Fool.com