5 stocks that can snag investors a holiday deal, according to Morningstar

• Black Friday may not offer many stock bargains for investors this year.
• Fourth-quarter sales growth forecasts are lower than last year's figures.
• But five stocks can still make for a good bargain.

Black Friday isn't just about shopping for stuff. Savvy investors who are on the hunt for a bargain may also find some undervalued stocks.

But if your strategy involves betting on the companies expected to see an uptick in sales from holiday shopping, the pickings might be slim this year.

Forecasts for fourth-quarter sales growth are looking a bit grim, according to Morningstar's chief US market strategist, David Sekera. Brick-and-mortar sales are expected to rise by 2.4% compared to last year's 5.1%. Online shoppers are likely to spend a bit more, with sales forecasted at 6.9%, but even that's still below last year's 10%.

Big retailers like Walmart or Target aren't positioned to be good bargains, according to Sekera. This means investors must dig a bit deeper to find hidden value in other brands.

Below are the stocks that Sekera lists as his top picks for holiday bets. Four of the names are trading at discounts well below their fair market value, which is based on the firm's projection of a company's future cash flows and the predictability of those flows, according to Morningstar.