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Do you consider yourself a value investor? For ideas on how to search for potentially undervalued names, we ran a screen.

We began by screening the small-cap sector for stocks that have outperformed the market over the last quarter, with quarterly performance above 20%.

We then screened for those that appear undervalued relative to analyst target price, which we use as a proxy for fair value. Since target prices are known to suffer from upward biases, we only used the lowest, most pessimistic analyst target price. For stocks with sufficient analyst coverage, we also only considered stocks with at least 5 analyst target prices.

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 analyst target price.

1. Spirit Airlines, Inc. (NASDAQ:SAVE): Provides passenger airline service primarily to leisure travelers and travelers visiting friends and relatives. Market cap at $1.51B, most recent closing price at $22.27. Performance over the last quarter at 20.52%. Of the 9 analysts that have set a target price on the stock, the lowest price target stands at $27.00. This implies a current upside of 19.84% from current levels around $22.53.

2. Vantage Drilling Company (NYSEMKT:VTG): Provides offshore contract drilling services to large multinational oil and natural gas companies, government owned oil and natural gas companies, and independent oil and natural gas producers in the United States and internationally. Market cap at $443.02M, most recent closing price at $1.48. Performance over the last quarter at 21.14%. Of the 7 analysts that have set a target price on the stock, the lowest price target stands at $1.75. This implies a current upside of 18.24% from current levels around $1.48.

3. Cirrus Logic Inc. (NASDAQ:CRUS): Develops high-precision analog and mixed-signal integrated circuits. Market cap at $1.65B, most recent closing price at $25.51. Performance over the last quarter at 22.73%. Of the 6 analysts that have set a target price on the stock, the lowest price target stands at $30.00. This implies a current upside of 16.91% from current levels around $25.66.

4. Saia, Inc. (NASDAQ:SAIA): Provides transportation and supply chain solutions primarily to the retail, chemical, and manufacturing industries in the United States. Market cap at $326.12M, most recent closing price at $20.41. Performance over the last quarter at 22.92%. Of the 5 analysts that have set a target price on the stock, the lowest price target stands at $23.00. This implies a current upside of 15.81% from current levels around $19.86.

*Target price data sourced from Thomson/First Call (via Yahoo! Finance), all other data sourced from Finviz.

Source: 4 Outperforming Small Caps Undervalued By Target Price