Conditional formatting is a powerful tool in Excel that lets you automatically apply formatting (like font color, fill color, borders, etc.) to cells based on certain conditions. This helps you visually identify specific data values that meet those criteria. Here's how you can create conditional formatting to highlight specific values:

1. Select the Cells:
- Start by selecting the range of cells where you want to apply the conditional formatting.

2. Access Conditional Formatting:
- Go to the "Home" tab on the Excel ribbon.
- In the "Styles" group, click the dropdown arrow next to "Conditional Formatting."

3. Choose Highlighting Rules:
- Several options will appear under Conditional Formatting. Here, we'll use the "Highlight Cells Rules" option. Click on it to see a submenu.

4. Select a Highlighting Rule:
- The submenu offers various ways to highlight cells based on different conditions. Here are a few common options for highlighting specific values:

* Greater Than/Less Than: Choose this if you want to highlight cells with values greater than, less than, equal to, or between a specific number or date.
* Top/Bottom Rules: Use this to highlight cells that fall within a certain percentage (e.g., top 10% or bottom 5%) of your data set.
* Equal To: This option highlights cells that contain a specific text or number you define.

5. Define the Rule (Example: Greater Than):
- Let's use "Greater Than" as an example. Selecting it will open a new window.
- In the "Format values that are greater than" box, enter the specific value you want as the threshold.
- Choose the formatting you want to apply to cells that meet this condition. Click the "Format" button and select the desired font color, fill color, or other formatting options.

6. Preview and Apply:
- The preview pane on the right will show you how the formatting will look on your data.
- Once you're happy with the settings, click "OK" to apply the conditional formatting rule.

Additional Tips:

- You can create multiple conditional formatting rules for the same cell range to highlight different scenarios. The rules are evaluated in the order they are created, so the first rule that applies will be the formatting used.
- Use formulas in conditional formatting: Instead of a specific value, you can use a formula to define the condition. This allows for more dynamic highlighting based on calculations.
- Data Bars and Color Scales: These are alternative formatting options that create visual gradients based on the value in the cell.

By using conditional formatting effectively, you can significantly improve the readability and analysis of your Excel spreadsheets.