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Do you consider yourself a value investor? For ideas on how to start your own value search, we ran a screen.

We began by screening for stocks currently favored by analysts at UBS, with current "Buy" ratings. We then screened these names for those that appear undervalued by two measures: EPS trends and the Graham Number.

Based on the assumption that P/E is equal to a constant k, increases in EPS should be matched by increases in price. When they don't match up, a mispricing may have occurred.

We screened for stocks with faster growth in EPS estimates than price over the last month, which may indicate that these names are being undervalued.

We then searched for those that are also trading at steep discounts to their Graham Number, a measure of maximum fair value created by the "godfather of value investing" Benjamin Graham.

It is based off of a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15 and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

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

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

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

List sorted by potential upside implied by the Graham Number.

1. Comerica Incorporated (CMA): Provides various financial products and services in Texas, Arizona, California, Florida, and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Market cap at $6.2B, most recent closing price at $31.41. On 11/08/2011, UBS had a Buy rating on the stock.

The EPS estimate for the company's current year increased from 2.3 to 2.5 over the last 30 days, an increase of 8.7%. This increase came during a time when the stock price changed by -2.14% (from 32.29 to 31.6 over the last 30 days). Diluted TTM earnings per share at 2.19, and a MRQ book value per share value at 35.44, implies a Graham Number fair value = sqrt(22.5*2.19*35.44) = $41.79. Based on the stock's price at $31.6, this implies a potential upside of 32.24% from current levels.

2. The Goldman Sachs Group, Inc. (GS): Provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Market cap at $55.33B, most recent closing price at $111.75. On 05/04/2011, UBS had a Buy rating on the stock. The EPS estimate for the company's current year increased from 11.41 to 12.21 over the last 30 days, an increase of 7.01%.

This increase came during a time when the stock price changed by -10.89% (from 126.18 to 112.44 over the last 30 days). Diluted TTM earnings per share at 6.76, and a MRQ book value per share value at 130.31, implies a Graham Number fair value = sqrt(22.5*6.76*130.31) = $140.78. Based on the stock's price at $112.44, this implies a potential upside of 25.21% from current levels.

3. Umpqua Holdings Corporation (UMPQ): Operates as the bank holding company for Umpqua Bank that provides commercial and retail banking services to corporate, institutional, and individual customers primarily in the areas of Oregon, northern California, and Washington. Market cap at $1.46B, most recent closing price at $13.06. On 11/08/2011, UBS had a Buy rating on the stock.

The EPS estimate for the company's current year increased from 0.77 to 0.81 over the last 30 days, an increase of 5.19%. This increase came during a time when the stock price changed by -0.97% (from 13.39 to 13.26 over the last 30 days). Diluted TTM earnings per share at 0.76, and a MRQ book value per share value at 15.08, implies a Graham Number fair value = sqrt(22.5*0.76*15.08) = $16.06. Based on the stock's price at $13.26, this implies a potential upside of 21.1% from current levels.

*BVPS, EPS, and sell-side analyst data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 3 UBS Stock Picks Undervalued By The Graham Number And EPS Trends