Investors interested in Wireless Equipment stocks are likely familiar with Juniper Networks (JNPR) and InterDigital (IDCC). But which of these two companies is the best option for those looking for undervalued stocks? Let's 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 Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.Juniper Networks and InterDigital are both sporting a Zacks Rank of # 2 (Buy) right now. Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. But this is only part of the picture 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.Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.JNPR currently has a forward P/E ratio of 15.63, while IDCC has a forward P/E of 38.08. We also note that JNPR has a PEG ratio of 2.13. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. IDCC currently has a PEG ratio of 2.54.Another notable valuation metric for JNPR is its P/B ratio of 1.80. 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, IDCC has a P/B of 2.18.Based on these metrics and many more, JNPR holds a Value grade of B, while IDCC has a Value grade of C.Both JNPR and IDCC are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that JNPR is the superior value option right now.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Juniper Networks, Inc. (JNPR): Free Stock Analysis Report InterDigital, Inc. (IDCC): Free Stock Analysis Report To read this article on Zacks.com click here.