Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Boyd Gaming (BYD). BYD is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors should also recognize that BYD has a P/B ratio of 5.48. 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 6.92. Within the past 52 weeks, BYD's P/B has been as high as 6.50 and as low as 3.33, with a median of 5.08.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. BYD has a P/S ratio of 2.54. This compares to its industry's average P/S of 3.68.

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

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