Investors have unfairly dumped shares of ProLogis, along with other real-estate plays. The stock could rally to around 70 this year from the mid-50's If the global economy keeps growing.

For a start, the Chatsworth, Calif., company finally plans to take public its optical- equipment business, which it calls Source Photonics. Financial details of the proposed $130 million IPO aren't yet finalized, but it's a tangible sign MRV "finally is going to force the street to value the separate entities at their respective multiples, which we believe will unlock tremendous value," says Leo Saraceno, director of North American equities at Sun Life Financial, which has accumulated nearly 10 million MRV shares.

AllianceBernstein's shares are off 22% from their 52-week highs, making them cheaper than their peers. And the firm's growing foreign business should provide some upside.

Two of the most outrageously priced software stocks around are Salesforce.com (ticker: CRM), which is up 56% in the last 12 months, and which fetches between 35 and 40 times the company's projected free cash flow and Concur Technologies (CNQR), which has doubled in the last year and has a similarly rich multiple.

Two of the most outrageously priced software stocks around are Salesforce.com (ticker: CRM), which is up 56% in the last 12 months, and which fetches between 35 and 40 times the company's projected free cash flow and Concur Technologies (CNQR), which has doubled in the last year and has a similarly rich multiple.