The following is a list of the most undervalued tech stocks, when comparing the current price against the average analyst target price (used as a proxy for fair value).

We last wrote about this screen on October 13, 2010. On that day, the screen produced 20 companies. Since then, 15 out of 20 companies mentioned in that article have outperformed the S&P 500 index (a success rate of 75.00%). The screen averaged a return of 14.81% vs. an index return of 5.29%. Click here to access a full breakdown of the screen's past performance.

Target price data sourced from Finviz. Full analysis below

*Interactive Chart: Press Play to compare analyst ratings for the top five stocks mentioned below. Analyst ratings have been sourced from Zacks. Note: The numbers on top of the items represent the forward P/E ratio.*

The list has been sorted by the discount to average target price.

* 1. Micron Technology Inc. (NASDAQ:MU):* Semiconductor Industry. Market cap of $8.03B. Current price at $8.06 vs. average analyst target price at $10.73 (implies a discount of -24.88%). Short float at 7.85%, which implies a short ratio of 2.09 days. The stock has lost -10.29% over the last year.

*Diversified Computer Systems Industry. Market cap of $94.2B. Current price at $41.54 vs. average analyst target price at $53.8 (implies a discount of -22.79%). Short float at 0.86%, which implies a short ratio of 0.9 days. The stock has lost -17.45% over the last year.*

**2. Hewlett-Packard Company (NYSE:HPQ):***Communication Equipment Industry. Market cap of $6.94B. Current price at $3.07 vs. average analyst target price at $3.93 (implies a discount of -21.88%). Short float at 1.37%, which implies a short ratio of 1.8 days. The stock has lost -8.08% over the last year.*

3. Alcatel-Lucent (ALU):3. Alcatel-Lucent (ALU):

*Multimedia & Graphics Software Industry. Market cap of $5.24B. Current price at $15.79 vs. average analyst target price at $20.08 (implies a discount of -21.36%). Short float at 4.91%, which implies a short ratio of 2.99 days. The stock has lost -3.88% over the last year.*

**4. Electronic Arts Inc. (ERTS):***Application Software Industry. Market cap of $14.32B. Current price at $28.15 vs. average analyst target price at $35.76 (implies a discount of -21.28%). Short float at 3.03%, which implies a short ratio of 1.22 days. The stock has lost -21.32% over the last year.*

**5. Adobe Systems Inc. (NASDAQ:ADBE):***Networking & Communication Devices Industry. Market cap of $108.31B. Current price at $19.54 vs. average analyst target price at $24.52 (implies a discount of -20.31%). Short float at 0.73%, which implies a short ratio of 0.56 days. The stock has lost -18.04% over the last year.*

**6. Cisco Systems, Inc. (NASDAQ:CSCO):***Semiconductor Industry. Market cap of $12.44B. Current price at $19.13 vs. average analyst target price at $23.58 (implies a discount of -18.87%). Short float at 3.4%, which implies a short ratio of 1.35 days. The stock has gained 0.72% over the last year.*

7. Marvell Technology Group Ltd. (NASDAQ:MRVL):7. Marvell Technology Group Ltd. (NASDAQ:MRVL):

*Personal Computers Industry. Market cap of $25.7B. Current price at $13.31 vs. average analyst target price at $16.35 (implies a discount of -18.59%). Short float at 2.87%, which implies a short ratio of 2.1 days. The stock has gained 1.01% over the last year.*

**8. Dell Inc. (NASDAQ:DELL):***Multimedia & Graphics Software Industry. Market cap of $14.47B. Current price at $12 vs. average analyst target price at $14.68 (implies a discount of -18.26%). Short float at 5.31%, which implies a short ratio of 2.69 days. The stock has gained 12.36% over the last year.*

**9. Activision Blizzard, Inc. (NASDAQ:ATVI):***Healthcare Information Services Industry. Market cap of $3.41B. Current price at $18.25 vs. average analyst target price at $22.2 (implies a discount of -17.79%). Short float at 1.75%, which implies a short ratio of 1.43 days. The stock has lost -0.71% over the last year.*

10. Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX):10. Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX):

*Computer Based Systems Industry. Market cap of $2.8B. Current price at $35.69 vs. average analyst target price at $42.75 (implies a discount of -16.51%). Short float at 7.11%, which implies a short ratio of 3.48 days. The stock has gained 38.49% over the last year.*

**11. Lexmark International Inc. (NYSE:LXK):***Internet Software & Services Industry. Market cap of $4.84B. Current price at $37.72 vs. average analyst target price at $44.97 (implies a discount of -16.12%). Short float at 3.21%, which implies a short ratio of 2.93 days. The stock has gained 1.89% over the last year.*

**12. Netease.com Inc. (NASDAQ:NTES):***Diversified Communication Services Industry. Market cap of $12.33B. Current price at $42.39 vs. average analyst target price at $50.29 (implies a discount of -15.71%). Short float at 2.42%, which implies a short ratio of 3.99 days. The stock has gained 15.38% over the last year.*

13. Crown Castle International Corp. (NYSE:CCI):13. Crown Castle International Corp. (NYSE:CCI):

*Diversified Communication Services Industry. Market cap of $4.13B. Current price at $21.03 vs. average analyst target price at $24.83 (implies a discount of -15.3%). Short float at 0.44%, which implies a short ratio of 1.22 days. The stock has lost -31.79% over the last year.*

14. Brasil Telecom S.A. (BTM):14. Brasil Telecom S.A. (BTM):

*Communication Equipment Industry. Market cap of $5.92B. Current price at $46.14 vs. average analyst target price at $54.4 (implies a discount of -15.18%). Short float at 3.88%, which implies a short ratio of 5.47 days. The stock has gained 3.76% over the last year.*

15. Harris Corp. (NYSE:HRS):15. Harris Corp. (NYSE:HRS):

*Personal Computers Industry. Market cap of $293.81B. Current price at $320.29 vs. average analyst target price at $375 (implies a discount of -14.59%). Short float at 0.96%, which implies a short ratio of 0.47 days. The stock has gained 62.6% over the last year.*

**16. Apple Inc. (NASDAQ:AAPL):***Communication Equipment Industry. Market cap of $37.26B. Current price at $9.95 vs. average analyst target price at $11.64 (implies a discount of -14.52%). Short float at 1.78%, which implies a short ratio of 2.66 days. The stock has lost -18.84% over the last year.*

**17. Nokia Corporation (NYSE:NOK):***Application Software Industry. Market cap of $236.3B. Current price at $27.62 vs. average analyst target price at $32.25 (implies a discount of -14.36%). Short float at 1.01%, which implies a short ratio of 1.25 days. The stock has lost -6.37% over the last year.*

**18. Microsoft Corporation (NASDAQ:MSFT):***Business Software & Services Industry. Market cap of $5.55B. Current price at $27.19 vs. average analyst target price at $31.53 (implies a discount of -13.76%). Short float at 1.02%, which implies a short ratio of 1.35 days. The stock has gained 0.11% over the last year.*

**19. Amdocs Ltd. (NASDAQ:DOX):***Diversified Communication Services Industry. Market cap of $20.13B. Current price at $50.44 vs. average analyst target price at $58.31 (implies a discount of -13.5%). Short float at 1.22%, which implies a short ratio of 1.75 days. The stock has gained 23.57% over the last year.*

**20. American Tower Corp. (NYSE:AMT):****Disclosure:**I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.