The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is L Brands . LB is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 10.86, while its industry has an average P/E of 19.44. LB's Forward P/E has been as high as 35.18 and as low as 10.86, with a median of 15.35, all within the past year.

LB is also sporting a PEG ratio of 0.84. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. LB's PEG compares to its industry's average PEG of 1.49. Within the past year, LB's PEG has been as high as 2.71 and as low as 0.84, with a median of 1.18.

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