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.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 VAREX IMAGING (VREX Quick QuoteVREX - Free Report) . VREX is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 12.78. This compares to its industry's average Forward P/E of 15.23. VREX's Forward P/E has been as high as 26.48 and as low as 11.49, with a median of 18.40, all within the past year.

We should also highlight that VREX has a P/B ratio of 1.08. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 2.11. Over the past year, VREX's P/B has been as high as 1.24 and as low as 0.50, with a median of 0.94.

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