High-flying growth stocks have returned to earth. Are they now undervalued?

High-flying growth stocks still have a lot further to fall before they become undervalued.

That means that, if those stocks in coming weeks start to decline even more than they have, the bulls can’t look to valuations to stem the tide.

To be sure, growth stocks have already fallen a lot. The Russell 2000 Growth Index XX:RUO, consisting of…