Do you consider yourself a value investor, always looking for potentially undervalued stocks? For a closer look at stocks that may be trading below their fair value, we ran a screen.

We first screened for large-cap stocks 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.

We then screened for those that also appear undervalued relative to the Graham Number. The Graham Number is 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.

Do you think these stocks are trading below their fair value? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by target price.

** 1. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX):** Engages in the exploration, mining, and production of mineral resources. Market cap at $31.06B, most recent closing price at $32.73. Diluted TTM earnings per share at 4.01, and a MRQ book value per share value at 17, implies a Graham Number fair value = sqrt(22.5*4.01*17) = $39.16. Based on the stock's price at $31.81, this implies a potential upside of 23.12% from current levels. Of the 19 analysts that have set a target price on the stock, the lowest price target stands at $40.00. This implies a current upside of 25.75% from current levels around $31.81.

** 2. Ameriprise Financial Inc. (NYSE:AMP):** Provides financial planning, products, and services primarily in the United States. Market cap at $10.35B, most recent closing price at $47.32. Diluted TTM earnings per share at 4.5, and a MRQ book value per share value at 41.51, implies a Graham Number fair value = sqrt(22.5*4.5*41.51) = $64.83. Based on the stock's price at $46.41, this implies a potential upside of 39.69% from current levels. Of the 10 analysts that have set a target price on the stock, the lowest price target stands at $58.00. This implies a current upside of 24.97% from current levels around $46.41.

** 3. Cigna Corp. (NYSE:CI):** Operates as a health service organization. Market cap at $12.47B, most recent closing price at $43.24. Diluted TTM earnings per share at 4.62, and a MRQ book value per share value at 29.71, implies a Graham Number fair value = sqrt(22.5*4.62*29.71) = $55.57. Based on the stock's price at $42.91, this implies a potential upside of 29.51% from current levels. Of the 13 analysts that have set a target price on the stock, the lowest price target stands at $51.00. This implies a current upside of 18.85% from current levels around $42.91.

** 4. Occidental Petroleum Corporation (NYSE:OXY):** Operates as an oil and gas exploration and production company primarily in the United States. Market cap at $65.79B, most recent closing price at $81.11. Diluted TTM earnings per share at 8.34, and a MRQ book value per share value at 47.77, implies a Graham Number fair value = sqrt(22.5*8.34*47.77) = $94.68. Based on the stock's price at $79.65, this implies a potential upside of 18.87% from current levels. Of the 17 analysts that have set a target price on the stock, the lowest price target stands at $94.00. This implies a current upside of 18.02% from current levels around $79.65.

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

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