Growth stocks are rarely available at a discount, and that's especially true after a strong stock market rally like the one that investors have seen in the past year. Yet while tech growth stocks have soared, Wall Street's enthusiasm hasn't carried over to less-popular industry niches like retailing and consumer staples.

Patient investors should consider taking advantage of that glaring oversight. Let's look at why you might want to put (NASDAQ: PEP) in your portfolio following its decline since last Spring.

The stock is down 14% since mid-May, even as the wider S 500 index jumped 20% higher. That shift has made PepsiCo cheaper by a few key valuation metrics.

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Source Fool.com