You can feel the market pushing back every day, and when momentum stocks report good numbers and forward guidance and still get sold off, the buyers are getting tired. The research team at Jefferies is focused each week on finding good value stock calls, and it makes sense for investors in an increasing risky and expensive market to rotate to solid value ideas.

While some of the stock picks may not seem like the quintessential value variety, what the analysts are looking for is not only valuation from a fundamental and technical metric, but also companies that are in the right sectors. We found four this week that could hold outstanding upside for investors.

Calix

This company is in the technology communication equipment industry and could prove to be a big winner. Calix Inc. (NYSE: CALX) is a global leader in access innovation. Its Unified Access portfolio of broadband communications access software, systems and services enables communications service providers worldwide to transform their networks and become the broadband provider of choice to their subscribers.

The Jefferies analysts were very positive on the company’s second-quarter earnings and note that the stock has been weak for some time, but they feel based on other companies’ results there is a very positive tone on the overall commitment to broadband and Calix should benefit. With second-quarter results beating expectations and third-quarter guidance very solid, the company may be poised for a move higher soon.

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The Jefferies price target for the stock is $11. The Thomson/First Call consensus target is $10.25. Shares closed Tuesday at $8.27.

CommVault Systems

This stock is down almost 28% this year. CommVault Systems Inc.’s (NASDAQ: CVLT) exclusive single-platform architecture gives companies unprecedented control over data growth, costs and risk. Commvault’s Simpana software suite of products was designed to work together seamlessly from the ground up, sharing a single code and common function set, to deliver superlative data protection, archive, replication, search and resource management capabilities.

Over the past year the company announced numerous additions to its product portfolio that enable organizations to thrive in the next wave of cloud adoption by turning data residing in public and hybrid clouds into a powerful strategic information asset. With the release of CommVault Cloud Disaster Recovery, CommVault Cloud Development and Test, CommVault Cloud Gateway and CommVault Cloud Replication, the company is addressing several critical needs demanded by enterprises today.

The Jefferies team notes that the company again posted disappointing numbers and it is now trading at a very cheap multiple. They also make that case that at this cheap level, the company could be a takeover candidate as other peers have been.

The Jefferies price target is $45 as the firm upgrades the stock to a Buy rating. The consensus target is $43.50. Shares closed Tuesday at $37.78.

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