Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is AmerisourceBergen . ABC is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 12.30, while its industry has an average P/E of 20.92. ABC's Forward P/E has been as high as 13.10 and as low as 9.32, with a median of 11.72, all within the past year.

Investors will also notice that ABC has a PEG ratio of 1.09. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. ABC's industry currently sports an average PEG of 2.92. Over the last 12 months, ABC's PEG has been as high as 1.85 and as low as 1.08, with a median of 1.56.

Value investors will likely look at more than just these metrics, but the above data helps show that AmerisourceBergen is likely undervalued currently. And when considering the strength of its earnings outlook, ABC sticks out at as one of the market's strongest value stocks.