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Interested in finding undervalued stocks during earnings season? For ideas on where to look, we ran a screen you might be interested in.

We screened for stocks that report earnings in January that appear undervalued relative to EPS trends. Based on the theoretical assumption that if P/E is equal to a constant K, growth in EPS estimates should be matched by proportionate growth in price. When they don't match up, a mispricing may have occurred. We screened for those exhibiting this mismatch between changes in EPS estimate and price.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

1. International Shipholding Corp. (ISH): Operates a fleet of the United States (U. Market cap at $123.98M, most recent closing price at $17.15. The EPS estimate for the company's current year increased from 1.15 to 1.36 over the last 30 days, an increase of 18.26%. This increase came during a time when the stock price changed by 3.92% (from 16.57 to 17.22 over the last 30 days). Expected to report earnings on January 28th, 2013.

2. Innovative Solutions & Support Inc. (ISSC): Engages in the design, manufacture, and sale of flat panel display systems, flight information computers, and advanced monitoring systems in the United States and internationally. Market cap at $58.36M, most recent closing price at $3.48. The EPS estimate for the company's current year increased from 0.11 to 0.12 over the last 30 days, an increase of 9.09%. This increase came during a time when the stock price changed by -17.76% (from 4.28 to 3.52 over the last 30 days). Expected to report earnings on January 21st, 2013.

3. Investment Technology Group Inc. (ITG): Operates as an agency brokerage and financial technology company in the United States, Canada, Europe, and the Asia Pacific region. Market cap at $360.24M, most recent closing price at $9.48. The EPS estimate for the company's current year increased from 0.17 to 0.19 over the last 30 days, an increase of 11.76%. This increase came during a time when the stock price changed by 7.23% (from 8.85 to 9.49 over the last 30 days). Expected to report earnings on January 28th, 2013.

4. John B Sanfilippo & Son Inc. (JBSS): Engages in processing and marketing tree nuts and peanuts in the United States. Market cap at $204.41M, most recent closing price at $18.74. The EPS estimate for the company's current year increased from 1.66 to 2.07 over the last 30 days, an increase of 24.7%. This increase came during a time when the stock price changed by 4.29% (from 18.2 to 18.98 over the last 30 days). Expected to report earnings on January 28th, 2013.

5. Key Technology Inc. (KTEC): Designs, manufactures, and sells process automation systems, integrating electro-optical inspection and sorting, specialized conveying, and product preparation equipment in the United States and internationally. Market cap at $54.59M, most recent closing price at $10.36. The EPS estimate for the company's current year increased from 0.48 to 0.53 over the last 30 days, an increase of 10.42%. This increase came during a time when the stock price changed by 2.5% (from 10 to 10.25 over the last 30 days). Expected to report earnings on January 21st, 2013.

6. Suburban Propane Partners LP (SPH): Engages in the retail marketing and distribution of propane, fuel oil, and refined fuels, and the marketing of natural gas and electricity in the United States. Market cap at $2.33B, most recent closing price at $41.36. The EPS estimate for the company's current year increased from 2.54 to 2.68 over the last 30 days, an increase of 5.51%. This increase came during a time when the stock price changed by 5.33% (from 38.86 to 40.93 over the last 30 days). Expected to report earnings on January 31st, 2013.

7. Wilshire Bancorp Inc. (WIBC): Operates as the holding company for Wilshire State Bank that offers a range of financial products and services. Market cap at $427.09M, most recent closing price at $5.98. The EPS estimate for the company's current year increased from 1.21 to 1.29 over the last 30 days, an increase of 6.61%. This increase came during a time when the stock price changed by 6.21% (from 5.64 to 5.99 over the last 30 days). Expected to report earnings on January 22nd, 2013.

Source: 7 Stocks Reporting In January Undervalued By EPS Trends