Management is doing right by shareholders with a big buyback program and a vow to avoid large acquisitions. Between dividends and share repurchases, Conoco could return 10% to shareholders this year.

Citigroup analyst John Hill, who carries a $107 price target on the stock, argues that copper is "best-positioned among the base metals" and that Freeport offers "compelling value" born of "high margins, low multiple, rich free-cash-flow yield" and takeover potential, according to a recent note.

CBS may be a slow-growth story, but it probably trades at a marked discount to the sum of its parts, which could be worth at least $35 a share. CBS's 84-year-old chairman, Sumner Redstone, is eager to reward shareholders.

Disney's attractive assets include Pixar, the top animated-movie studio, the No. 1-rated ABC network, theme parks and cable. A break-up seems unlikely, but Disney could be worth $40 or more if split into pieces. If the stock merely gets back to its 52-week high of 36, this would produce a gain of 20%. Disney likes its stock, having bought back about 10% of its shares in the fiscal year ended September.

"There is so much more that the company can do, from cost reduction to balance-sheet leverage to running the businesses better," says David Adelman, tobacco analyst with Morgan Stanley. He has an $87 price target.

Chubb has one of the few valuable brand names in insurance. How cheap is Chubb? Its shares, at around 50, trade for about eight times projected 2008 profits and just 1.3 times book value. Chubb is generating a respectable 16% return on equity and has no meaningful exposure to subprime mortgages in its investment portfolio.

Credit Suisse analyst Michael Ounjian figures investors are paying nothing for the handset business given the value of Motorola's other divisions. He carries a price target of 17. If Motorola can't turn around the handset business, it might consider a sale to a Chinese company that would slash costs and pay Motorola royalties. Carl Icahn, meanwhile, remains a big shareholder, and he may put further heat on the company's beleaguered management.

In a recent client note, bullish Bear Stearns analyst Peter Nesvold calls Cummins "a pure-play beneficiary of the upcoming explosion of global diesel-emissions regulations." With its diesel technology lead and strong market position, Cummins is poised to keep gaining market share. The company could be one of the best global infrastructure plays in the stock market. Bear's analyst carries a $69 price target.