Investors interested in stocks from the Communication - Components sector have probably already heard of Corning (GLW) and Arista Networks (ANET). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Currently, both Corning and Arista Networks are holding a Zacks Rank of # 2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one piece of the puzzle for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

GLW currently has a forward P/E ratio of 22.38, while ANET has a forward P/E of 47.57. We also note that GLW has a PEG ratio of 1.51. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. ANET currently has a PEG ratio of 2.78.

Another notable valuation metric for GLW is its P/B ratio of 4.03. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, ANET has a P/B of 15.66.

These metrics, and several others, help GLW earn a Value grade of B, while ANET has been given a Value grade of F.

Both GLW and ANET are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that GLW is the superior value option right now.

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