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The following is a list of companies that have raised earnings guidance over the last couple of weeks. Additionally, these companies are all undervalued based on several valuation metrics.

We're not going to go into detailed analysis for each company. The goal here is to give value-oriented investors a starting point for their own analysis.

Valuation data and industry comps sourced from Reuters, short float and performance data sourced from Finviz. Earnings guidance data sourced from Briefing.com.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted alphabetically.

1. Aetna Inc. (NYSE:AET): Health Care Plans Industry. Market cap of $14.94B. Recently guided FY11 at $3.70-3.80 vs. an estimate of $3.27. MRQ P/E ratio at 17.61 vs. industry average at 17.61. PEG ratio at 0.91 vs. industry average at 1.06. MRQ Price / Cashflow at 10.35 vs. industry average at 12.37. The stock has had a good month, gaining 13.32%.

2. AFC Enterprises Inc. (AFCE):
Restaurants Industry. Market cap of $370.58M. Recently guided Q4 at 0.18-0.19 vs. an estimate of $0.17. MRQ P/E ratio at 15.73 vs. industry average at 30.17. PEG ratio at 1.26 vs. industry average at 1.58. MRQ Price / Cashflow at 13.62 vs. industry average at 17.48. After a solid performance over the last year, AFCE has pulled back during recent sessions. The stock is -3.91% below its SMA20 and -4.12% below its SMA50, but remains 17.77% above its SMA200. The stock has gained 70.04% over the last year.

3. AnnTaylor Stores Corp. (NYSE:ANN):
Apparel Stores Industry. Market cap of $1.34B. Recently guided Q4 at exceeding $0.14 vs. an estimate of $0.14. MRQ P/E ratio at 14.11 vs. industry average at 22.9. PEG ratio at 1.18 vs. industry average at 1.18. MRQ Price / Cashflow at 7.02 vs. industry average at 13.27. It's been a rough couple of days for the stock, losing 5.97% over the last week.

4. Aeropostale, Inc. (NYSE:ARO):
Apparel Stores Industry. Market cap of $2.25B. Recently guided Q4 at $0.96-0.97 vs. an estimate of $0.95. MRQ P/E ratio at 10.14 vs. industry average at 22.8. PEG ratio at 0.8 vs. industry average at 1.17. MRQ Price / Cashflow at 7.92 vs. industry average at 13.4. The stock has gained 10.46% over the last year.

5. Cephalon Inc. (NASDAQ:CEPH): Biotechnology Industry. Market cap of $4.23B. Recently guided FY11 at $8.70-9.00 vs. an estimate of $8.15. MRQ P/E ratio at 12.05 vs. industry average at 14.13. PEG ratio at 1.85 vs. industry average at 3.39. MRQ Price / Cashflow at 7.38 vs. industry average at 15.23. Relatively low correlation to the market (beta = 0.42), which may be appealing to risk averse investors. The stock is also a short squeeze candidate, with a short float at 19.06% (equivalent to 10.12 days of average volume). The stock has lost 20.88% over the last year.

6. Corrections Corporation of America (NYSE:CXW): Property Management Industry. Market cap of $2.71B. Recently guided FY10 at $1.37-1.45 vs. an estimate of $1.36. MRQ P/E ratio at 15.75 vs. industry average at 22.28. PEG ratio at 1.43 vs. industry average at 1.53. MRQ Price / Cashflow at 9.49 vs. industry average at 11.14. The stock has gained 19.74% over the last year.

7. Deckers Outdoor Corp. (NYSE:DECK): Apparel Footwear and Accessories Industry. Market cap of $3.22B. Recently guided FY11 at 4.87 vs. an estimate of $4.26. MRQ P/E ratio at 9.21 vs. industry average at 22.94. PEG ratio at 0.72 vs. industry average at 2.24. MRQ Price / Cashflow at 9.03 vs. industry average at 21.43. It has been a rough couple of days for the stock, losing 6.0% over the last week.

8. Darden Restaurants, Inc. (NYSE:DRI): Restaurants Industry. Market cap of $6.47B. Recently guided Q3 at $1.04-1.06 vs. an estimate of $1.01. MRQ P/E ratio at 21.69 vs. industry average at 30.17. PEG ratio at 1.22 vs. industry average at 1.58. MRQ Price / Cashflow at 10.46 vs. industry average at 17.48. The stock has gained 18.97% over the last year.

9. EnerSys (NYSE:ENS): Industrial Electrical Equipment Industry. Market cap of $1.72B. Recently guided Q4 at $0.68-0.72 vs. an estimate of $0.63. MRQ P/E ratio at 12.84 vs. industry average at 20.55. PEG ratio at 1.7 vs. industry average at 1.84. MRQ Price / Cashflow at 9.65 vs. industry average at 16.67. The stock has gained 47.28% over the last year.

10. Flextronics International Ltd. (NASDAQ:FLEX): Printed Circuit Boards Industry. Market cap of $6.0B. Recently guided Q4 at $0.21-0.23 vs. an estimate of $0.21. MRQ P/E ratio at 7.6 vs. industry average at 12.31. PEG ratio at 1.01 vs. industry average at 1.08. MRQ Price / Cashflow at 4.69 vs. industry average at 8.25. This is a risky stock that is significantly more volatile than the overall market (beta = 2.35). After a solid performance over the last year, FLEX has pulled back during recent sessions. The stock is -4.64% below its SMA20 and -4.53% below its SMA50, but remains 13.83% above its SMA200.

11. HB Fuller Co. (NYSE:FUL)
: Specialty Chemicals Industry. Market cap of $1.03B. Recently guided FY11 at $1.75-1.85 vs. an estimate of $1.7. MRQ P/E ratio at 11.93 vs. industry average at 133.22. PEG ratio at 2.66 vs. industry average at 3.73. MRQ Price / Cashflow at 7.97 vs. industry average at 15.59. The stock has lost 2.73% over the last year.

12. Gap Inc. (NYSE:GPS): Apparel Stores Industry. Market cap of $13.64B. Recently guided FY11 at $1.85-1.86 vs. an estimate of $1.82. MRQ P/E ratio at 9.25 vs. industry average at 22.8. PEG ratio at 1.17 vs. industry average at 1.17. MRQ Price / Cashflow at 9.37 vs. industry average at 13.4. The stock has had a good month, gaining 15.62%.

13. Triple-S Management Corporation (NYSE:GTS): Accident and Health Insurance Industry. Market cap of $562.11M. Recently guided FY11 at $2.13-2.23 vs. an estimate of $2.09. MRQ P/E ratio at 6.99 vs. industry average at 17.61. PEG ratio at 0.85 vs. industry average at 1.06. MRQ Price / Cashflow at 7 vs. industry average at 12.37. The stock has gained 9.42% over the last year.

14. Hormel Foods Corp. (NYSE:HRL):
Meat Products Industry. Market cap of $7.21B. Recently guided FY11 at $1.62-1.68 vs. an estimate of $1.61. MRQ P/E ratio at 12.3 vs. industry average at 19.12. PEG ratio at 1.69 vs. industry average at 2.2. MRQ Price / Cashflow at 10 vs. industry average at 15.65. Relatively low correlation to the market (beta = 0.4), which may be appealing to risk averse investors. The stock is also a short squeeze candidate, with a short float at 54.36% (equivalent to 8.07 days of average volume). The stock has gained 31.98% over the last year.

15. Lithia Motors Inc. (NYSE:LAD): Auto Dealerships Industry. Market cap of $378.42M. Recently guided Q1 at $0.19-0.21 vs. an estimate of $0.15. MRQ P/E ratio at 22.59 vs. industry average at 22.8. PEG ratio at 1.02 vs. industry average at 1.17. MRQ Price / Cashflow at 11.01 vs. industry average at 13.4. The stock is a short squeeze candidate, with a short float at 7.98% (equivalent to 8.25 days of average volume). The stock has gained 114.86% over the last year.

16. Limited Brands, Inc. (LTD): Apparel Stores Industry. Market cap of $10.18B. Recently guided Q4 at $1.23-1.25 vs. an estimate of $1.2. MRQ P/E ratio at 5.8 vs. industry average at 22.8. PEG ratio at 0.86 vs. industry average at 1.17. MRQ Price / Cashflow at 5.6 vs. industry average at 13.4. The stock has gained 43.96% over the last year.

17. Lubrizol Corporation (LZ):
Specialty Chemicals Industry. Market cap of $6.91B. Recently guided FY11 at $11.05-11.55 vs. an estimate of $10.82. MRQ P/E ratio at 11.2 vs. industry average at 133.55. PEG ratio at 0.66 vs. industry average at 3.74. MRQ Price / Cashflow at 8.61 vs. industry average at 15.59. The stock has gained 30.36% over the last year.

18. Meredith Corp. (NYSE:MDP): Publishing Industry. Market cap of $1.59B. Recently guided Q2 at $0.85-0.88 vs. an estimate of $0.79. MRQ P/E ratio at 9.91 vs. industry average at 17.21. PEG ratio at 0.96 vs. industry average at 1.31. MRQ Price / Cashflow at 7.92 vs. industry average at 8.67. The stock is also a short squeeze candidate, with a short float at 13.91% (equivalent to 8.31 days of average volume). The stock has gained 13.55% over the last year.

19. Parker Hannifin Corporation (NYSE:PH): Industrial Equipment and Components Industry. Market cap of $14.05B. Recently guided FY11 at $5.80-6.20 vs. an estimate of $5.82. MRQ P/E ratio at 15.61 vs. industry average at 16.12. PEG ratio at 1.46 vs. industry average at 1.6. MRQ Price / Cashflow at 11.13 vs. industry average at 11.34. The stock has gained 41.94% over the last year.

20. Pharmaceutical Product Development Inc. (NASDAQ:PPDI):
Medical Laboratories and Research Industry. Market cap of $3.27B. Recently guided FY11 at $1.53-1.69 vs. an estimate of $1.48. MRQ P/E ratio at 17.21 vs. industry average at 24.83. PEG ratio at 1.56 vs. industry average at 1.87. MRQ Price / Cashflow at 12.96 vs. industry average at 17.43. Relatively low correlation to the market (beta = 0.51), which may be appealing to risk averse investors. The stock is also a short squeeze candidate, with a short float at 6.27% (equivalent to 9.17 days of average volume). The stock has gained 40.32% over the last year.

21. Elizabeth Arden, Inc. (NASDAQ:RDEN): Personal Products Industry. Market cap of $807.58M. Recently guided FY11 at $1.40-1.50 vs. an estimate of $1.3. MRQ P/E ratio at 5.9 vs. industry average at 12.18. PEG ratio at 1.8 vs. industry average at 2.05. MRQ Price / Cashflow at 4.85 vs. industry average at 14.77. The stock has had a good month, gaining 10.33%.

22. SYNNEX Corp. (NYSE:SNX):
Business Services Industry. Market cap of $1.27B. Recently guided Q1 at $0.77-0.80 vs. an estimate of $0.76. MRQ P/E ratio at 8.39 vs. industry average at 12.31. PEG ratio at 1.07 vs. industry average at 1.08. MRQ Price / Cashflow at 7.46 vs. industry average at 8.25. The stock is a short squeeze candidate, with a short float at 5.85% (equivalent to 8.1 days of average volume). The stock has gained 16.95% over the last year.

23. Triumph Group, Inc. (NYSE:TGI): Aerospace/Defense Products and Services Industry. Market cap of $2.03B. Recently guided FY11 at approx. $6.75 vs. an estimate of $6.66. MRQ P/E ratio at 11.86 vs. industry average at 16.76. PEG ratio at 1.54 vs. industry average at 1.82. MRQ Price / Cashflow at 7.2 vs. industry average at 17.45. The stock is a short squeeze candidate, with a short float at 8.17% (equivalent to 10.07 days of average volume). The stock has performed poorly over the last month, losing 11.09%.

24. Tennant Co. (NYSE:TNC): Diversified Machinery Industry. Market cap of $752.95M. Recently guided FY11 at $1.70-1.90 vs. an estimate of $1.69. MRQ P/E ratio at 11.26 vs. industry average at 16.12. PEG ratio at 1.1 vs. industry average at 1.6. MRQ Price / Cashflow at 8.47 vs. industry average at 11.34. The stock has gained 58.41% over the last year.

25. ValueClick, Inc. (VCLK):
Advertising Agencies Industry. Market cap of $1.18B. Recently guided Q1 at $0.16-0.17 vs. an estimate of $0.17. MRQ P/E ratio at 14.05 vs. industry average at 25.44. PEG ratio at 1.26 vs. industry average at 1.52. MRQ Price / Cashflow at 10.48 vs. industry average at 15.64. The stock is a short squeeze candidate, with a short float at 11.33% (equivalent to 7.39 days of average volume). The stock has gained 50.15% over the last year.

26. Wolverine World Wide Inc. (NYSE:WWW): Apparel Footwear and Accessories Industry. Market cap of $1.74B. Recently guided FY11 at $2.35-2.45 vs. an estimate of $2.29. MRQ P/E ratio at 17.11 vs. industry average at 22.94. PEG ratio at 1.12 vs. industry average at 2.24. MRQ Price / Cashflow at 16.9 vs. industry average at 21.43. The stock has had a good month, gaining 14.4%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Momentum Ideas: 26 Undervalued Stocks Raising Earnings Guidance