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Do you like to search for stocks that you believe are trading below their fair value?

For ideas on how to start your own search, we ran a screen on stocks that appear undervalued relative to analyst target price, which we use as a proxy for fair value.

Because target prices are generally known to suffer from upward bias, we only used the lowest (most pessimistic) target prices. These stocks are therefore trading at steep discounts to even their lowest target prices.

We then screened for those also seeing bullish sentiment from short sellers, with significant short covering (decreases in shares shorted) month-over-month.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks are being undervalued? Use this list as a starting point for your own analysis.

1. General Cable Corp. (BGC): Provides copper, aluminum, and fiber optic wire and cable products worldwide. Of the 8 analysts that have set a target price on the stock, the lowest price target stands at $36.50. This implies a current upside of 27.49% from current levels around $28.63. Shares shorted have decreased from 6.80M to 6.15M over the last month, a decrease which represents about 1.42% of the company's float of 45.86M shares.

2. Corcept Therapeutics Inc. (CORT): Engages in the discovery and development of drugs for the treatment of severe metabolic and psychiatric disorders. Of the 7 analysts that have set a target price on the stock, the lowest price target stands at $5.00. This implies a current upside of 23.46% from current levels around $4.05. Shares shorted have decreased from 4.62M to 3.35M over the last month, a decrease which represents about 2.69% of the company's float of 47.29M shares.

3. Green Mountain Coffee Roasters Inc. (GMCR): Engages in the specialty coffee and coffee maker business. Of the 10 analysts that have set a target price on the stock, the lowest price target stands at $63.00. This implies a current upside of 17.74% from current levels around $53.51. Shares shorted have decreased from 22.50M to 21.16M over the last month, a decrease which represents about 1.03% of the company's float of 129.52M shares.

4. MDC Partners Inc. (MDCA): Provides marketing communications services to customers internationally. Of the 6 analysts that have set a target price on the stock, the lowest price target stands at $15.00. This implies a current upside of 19.90% from current levels around $12.51. Shares shorted have decreased from 2.11M to 918.86K over the last month, a decrease which represents about 5.39% of the company's float of 22.08M shares.

5. Northern Oil and Gas, Inc. (NOG): Engages in the acquisition, exploration, development, and production of crude oil and natural gas properties in the Williston basin, the United States. Of the 11 analysts that have set a target price on the stock, the lowest price target stands at $26.00. This implies a current upside of 20.20% from current levels around $21.63. Shares shorted have decreased from 17.01M to 16.43M over the last month, a decrease which represents about 1.01% of the company's float of 57.34M shares.

6. OPNET Technologies Inc. (OPNT): Provides software products and related services for managing applications and networks in the United States and internationally. Of the 7 analysts that have set a target price on the stock, the lowest price target stands at $34.50. This implies a current upside of 20.04% from current levels around $28.74. Shares shorted have decreased from 1.94M to 1.70M over the last month, a decrease which represents about 1.61% of the company's float of 14.92M shares.

7. Superior Energy Services Inc. (SPN): Provides specialized oilfield services and equipment to serve the production and drilling related needs of oil and gas companies. Of the 11 analysts that have set a target price on the stock, the lowest price target stands at $35.00. This implies a current upside of 29.49% from current levels around $27.03. Shares shorted have decreased from 8.53M to 3.78M over the last month, a decrease which represents about 3.07% of the company's float of 154.88M shares.

*Short data sourced from Yahoo! Finance, target price data sourced from Thomson/First Call via Yahoo! Finance, all other data sourced from Finviz.

Source: 7 Stocks Deeply Discounted From Target Price Seeing Short Covering