With the market still in the dumps, valuations have come down significantly. As a result, even top stocks are trading at dirt-cheap prices. If you own them, it can be depressing. But looking at the silver lining, you can buy more or start a position at prices not seen in years. That's the Warren Buffett way, and it wouldn't be too bad to imitate some of his wild success. Target (TGT -8.03%), Revolve Group (RVLV -7.10%), and Williams-Sonoma (WSM -10.96%) are three stocks trading at incredibly low prices that could soar when the market turns around.

1. Target

Target was arguably the biggest winner in the early stages of the pandemic. Comps, or comparable sales, shot up when people hoarded essentials, and Target enjoyed some of its best growth ever.

There were several reasons Target was well equipped to handle demand, perhaps more so than its peers. First is its omnichannel network, which it revamped starting in 2016, putting it squarely in the middle of changing shopping trends. Target offers a comprehensive mix of physical and digital shopping options. Its same-day services have become hugely popular over the past two years, combining the best aspects of in-store and at-home shopping. At the same time, it streamlined delivery services, shipping more than 95% of orders from stores. This both sped up shipping times and saved money on distribution centers. Customers also embraced the company's owned brands, which provide similar quality as name brands at better price points. These give Target improved margins. Finally, the company has invested in store layout and design, which were important when it was allowed to keep stores open as an essential retailer.

All of these qualities remain today and will continue to be important growth drivers. However, Target is now dealing with excess inventory in light of changing macroeconomic conditions and lower spending. Investors were disappointed when the company gave an unexpected update in the first-quarter report about pressured margins and overstock. The stock plunged and took many others along with it as investors realized that the retail sector was in for an overhaul in this atmosphere.

Management provided another update last month with its plan to correct the inventory situation. It's a fairly broad strategy that includes price cuts, new order cancellations, and corrective measures around the supply chain. It also includes price increases in certain categories to offset higher costs.

Target confirmed that this is a long-term effort and won't necessarily bring about the desired results immediately. That can seem disheartening but fear not. The weak short-term outlook means the stock is still down -- 36% year to date. Shares are trading at only 12 times trailing 12-month earnings. You can buy shares at a dirt-cheap valuation, but you'll have to be patient before they begin to skyrocket. In the meantime, you can enjoy the dividend, which yields nearly 3% right now.

2. Revolve Group

Revolve Group runs two fashion-forward websites and leads the industry with high double-digit sales growth. It has a unique, profitable model that's winning over customers and succeeding in a very hostile environment. Yet, shares are trading at a price-to-earnings ratio of only 22 times trailing 12-month earnings.

The company uses 18 years' worth of data to inform its artificial-intelligence-based algorithms. It knows what its customers like to buy, and since it's all online, it can quickly add items that are selling well and remove those that aren't. This data analysis powers a high rate of full-price sales. It also promotes itself through social media, including the Kardashians.

Even as many retailers, especially in the apparel category, have seen sluggish sales, Revolve is posting brisk growth. First-quarter 2022 sales increased 58% year over year, and profits inched forward 1%, even though margins were slightly contracted. Its innovative model fuels strong loyalty, and a good chunk of the company's success is due to the growth in active customers, who grew 38% over last year to 2 million. The average order value increased 12% at the same time.

Its high-fashion site, FWRD, is especially notable, growing sales by 71% over last year. The market for luxury goods is more resilient to inflation and macroeconomic changes, providing Revolve with strong growth levers.

E-commerce sales are expected to continue growing, from $4.9 trillion last year to $5.5 trillion this year, eventually reaching $7.4 trillion by 2025. Luxury goods, in particular, are expected to grow at a compound annual growth rate of 5.4% over the next five years. Revolve Group is poised to benefit, and its stock is down almost 50% this year, giving shareholders the chance to benefit as well.

3. Williams-Sonoma

Williams-Sonoma is a top under-the-radar stock that has seriously beat the market over the past three years and pays a high-yielding dividend. But its stock is down 22% this year, and shares are trading at only 8.5 times trailing 12-month earnings.

But it has continued to demonstrate growth even as it faces tough comps from high early-pandemic sales growth. In the 2022 first quarter (ended May 1), revenue increased 9.5% over last year. The gross margin expanded by 0.1% to 43.8%, which is unusual for retailers navigating supply chain issues and increased costs. That's incredible resilience. The company has an established, winning model and serves a well-heeled crowd, giving it the ability to charge higher prices and enjoy continuing demand even as other shoppers curtail spending. 

2021 revenue of $8.2 billion is less than 1% of what it sees as an $830-billion addressable market, mostly served by local brick-and-mortar stores. As shopping shifts online, it has a significant edge with its robust omnichannel network.

Williams-Sonoma has the tools to keep up its excellent performance, and at the current price, its dividend yields 2.4%. Now is a great time to buy.