While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

Office Depot (ODP Quick QuoteODP - Free Report) is a stock many investors are watching right now. ODP is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value.

Investors should also note that ODP holds a PEG ratio of 0.82. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ODP's PEG compares to its industry's average PEG of 2.39. Within the past year, ODP's PEG has been as high as 0.96 and as low as 0.27, with a median of 0.72.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Office Depot is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, ODP feels like a great value stock at the moment.