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Have you ever wanted to search for value stocks that also have growth? Tracey Ryniec, Stock Strategist at Zacks Investment Research, discusses the PEG ratio and how to use it to find value stocks.

After plugging it into a Zacks screen, she uncovers Southwest Airlines (LUV - Free Report) . Not only is it a cheap stock, with a forward P/E of just 9.7, but analysts expect earnings to grow in the double digits in 2016.

That means it has a really low PEG ratio as well. Combined with a Zacks Rank of #1 (Strong Buy) and another solid earnings report, Southwest looks like a rare value stock that also has big growth.

But what else should investors take away about the PEG ratio and Southwest? Tracey covers it all in this short video.

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