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The following is a list of stocks that have recently hit a new high. All of these stocks are trading at significant discounts to the average analyst target price (a proxy for fair value), indicating that analysts think there's more upside to these stocks.

Of course, analyst ratings aren't always accurate, but this list might offer an interesting starting point for momentum traders.

Target price data sourced from Finviz. Full analysis below.

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The list has been sorted by discount to analyst target price.

1. United Continental Holdings (NYSE:UAL): Major Airlines Industry. Market cap of $9.02B. Current price at $28.77 vs. average analyst target price at $35.30 (discount of -18.5%). Short float at 7.69%, which implies a short ratio of 4.32. The stock has gained 327.03% over the last year.

2. Mercury Computer Systems, Inc. (NASDAQ:MRCY): Computer Peripherals Industry. Market cap of $339.34M. Current price at $15.71 vs. average analyst target price at $19.00 (discount of -17.32%). Short float at 4.98%, which implies a short ratio of 12.22. The stock has gained 38.14% over the last year.

3. LTC Properties Inc. (NYSE:LTC): REIT. Market cap of $667.11M. Current price at $28.37 vs. average analyst target price at $33.88 (discount of -16.26%). Short float at 3.78%, which implies a short ratio of 5.52. The stock has gained 26.6% over the last year.

4. IXYS Corp. (NASDAQ:IXYS): Semiconductor Industry. Market cap of $337.52M. Current price at $10.62 vs. average analyst target price at $12.67 (discount of -16.18%). Short float at 3.18%, which implies a short ratio of 6.83. The stock has gained 47.67% over the last year.

5. iGATE Corporation (NASDAQ:IGTE): Information Technology Services Industry. Market cap of $1.13B. Current price at $20.18 vs. average analyst target price at $23.50 (discount of -14.13%). Short float at 6.43%, which implies a short ratio of 4.06. The stock has gained 114.74% over the last year.

6. TriQuint Semiconductor, Inc. (NASDAQ:TQNT): Semiconductor Industry. Market cap of $1.53B. Current price at $10.15 vs. average analyst target price at $11.69 (discount of -13.17%). Short float at 6.99%, which implies a short ratio of 2.61. The stock has gained 73.19% over the last year.

7. Rock-Tenn Co. (NYSE:RKT): Paper & Paper Products Industry. Market cap of $2.18B. Current price at $55.49 vs. average analyst target price at $63.50 (discount of -12.61%). Short float at 5.05%, which implies a short ratio of 5.14. The stock has gained 24.11% over the last year.

8. Virtusa Corp. (NASDAQ:VRTU): Information Technology Services Industry. Market cap of $302.01M. Current price at $12.51 vs. average analyst target price at $14.25 (discount of -12.21%). Short float at 2.15%, which implies a short ratio of 3.62. The stock has gained 34.3% over the last year.

9. China Yuchai International Limited (NYSE:CYD): Diversified Machinery Industry. Market cap of $950.39M. Current price at $25.50 vs. average analyst target price at $29.00 (discount of -12.07%). Short float at 1.78%, which implies a short ratio of 1.19. The stock has gained 116.84% over the last year.

10. Epoch Investment Partners, Inc. (NASDAQ:EPHC): Asset Management Industry. Market cap of $303.07M. Current price at $13.19 vs. average analyst target price at $15.00 (discount of -12.07%). Short float at 4.98%, which implies a short ratio of 19.06. The stock has gained 44.83% over the last year.

11. Comcast Corporation (NASDAQ:CMCSA): CATV Systems Industry. Market cap of $55.12B. Current price at $20.14 vs. average analyst target price at $22.72 (discount of -11.36%). Short float at 2.39%, which implies a short ratio of 2.84. The stock has gained 35.17% over the last year.

12. Old Dominion Freight Line Inc. (NASDAQ:ODFL): Trucking Industry. Market cap of $1.46B. Current price at $27.64 vs. average analyst target price at $30.38 (discount of -9.02%). Short float at 7.23%, which implies a short ratio of 5.55. The stock has gained 44.72% over the last year.

13. ViroPharma Inc. (VPHM): Biotechnology Industry. Market cap of $1.2B. Current price at $16.36 vs. average analyst target price at $17.78 (discount of -7.99%). Short float at 8.33%, which implies a short ratio of 7.06. The stock has gained 71.4% over the last year.

14. AmerisourceBergen Corporation (NYSE:ABC): Drugs Wholesale Industry. Market cap of $9.04B. Current price at $32.81 vs. average analyst target price at $35.53 (discount of -7.66%). Short float at 3.88%, which implies a short ratio of 3.16. The stock has gained 43.12% over the last year.

15. AFLAC Inc. (NYSE:AFL): Accident & Health Insurance Industry. Market cap of $25.98B. Current price at $56.03 vs. average analyst target price at $60.53 (discount of -7.43%). Short float at 1.58%, which implies a short ratio of 2.16. The stock has gained 31.88% over the last year.

16. IRSA Investments and Representations Inc. (NYSE:IRS): Real Estate Development Industry. Market cap of $805.55M. Current price at $14.95 vs. average analyst target price at $16.10 (discount of -7.14%). Short float at 0.1%, which implies a short ratio of 1.07. The stock has gained 55.7% over the last year.

17. Check Point Software Technologies Ltd. (NASDAQ:CHKP): Security Software & Services Industry. Market cap of $10.32B. Current price at $42.30 vs. average analyst target price at $45.40 (discount of -6.83%). Short float at 1.97%, which implies a short ratio of 1.71. The stock has gained 33.21% over the last year.

18. Grupo Financiero Galicia S.A. (NASDAQ:GGAL): Foreign Regional Banks Industry. Market cap of $1.49B. Current price at $12.81 vs. average analyst target price at $7.75 (discount of 65.29%). Short float at 1.26%, which implies a short ratio of 1. The stock has gained 99.83% over the last year.

Disclosure: No positions

Source: 18 Undervalued Stocks Hitting New Highs