By Dan Weil Many consumer-cyclical stocks are trading below Morningstar’s fair-value estimates. The S&P 500 at least temporarily bottomed in October and is up 13.5% from the nadir. In that context, you may be looking for still-undervalued stocks. One industry to consider is consumer-defensive stocks. Those include food-and-beverage and other packaged-goods companies. “Consumer-defensive stocks thrived (relatively speaking) in 2022,” according to a Morningstar commentary. “The median stock in the sector trades at a 2% premium to our fair-value estimate coming into 2023.” But Morningstar analyst…