L-3 trades at a 30% discount to the broader defense group. Its stock could rally in the next 12 months, to 100 or so, from today's 76, as demand for the company's expertise grows.

At about 18.50, Altria's shares are a bargain. One analyst thinks that the stock could rally to 27 if the company cuts costs, raises prices and buys back more shares.

Recession hurts; Sherwin's third-quarter revenue dipped 12%. But the nascent upturn will spiff up earnings. And well-run Sherwin is a kingpin in the high-margin contractor market.

Cardinal trades for 29.50, or about 15 times fiscal 2010 earnings. The stock could rally into the low 40s in the next year as management takes steps to increase profitability.

Among the concerns holding back the stock is the increasing HPV competition. But Barclays analyst C. Anthony Butler sees "limited uptake" of rival Hologic's recently launched Cervista HPV test in the short term. Qiagen also is developing instruments to automate testing, and hatching more sensitive next-generation tests. The market for HPV screening in the U.S. also is just 30% penetrated, so Qiagen can focus on growing the market without resorting to drastic measures like price cuts to defend its turf. HPV testing is even rarer in, say, Asia, and Qiagen is working on a cheaper and easier-to-administer test called FastHPV for the developing world. Away from HPV, Qiagen's hold on sampling and diagnostic technology is resilient. "This market is sticky, as researchers and technicians are generally loyal to products used in sample preparation," notes Cowen analyst Doug Schenkel. He thinks forecasts are conservative, and expects Qiagen to outperform the market by 15% over the next 12 months.

Vistaprint is a highflying mid-cap stock that appears to be making hay in a staid Old Economy business: printing business cards, brochures and other paper products for small businesses and consumers. It uses the Internet to sell worldwide and proprietary software to batch all the small orders and print them at lower prices and more profit than its mom-and-pop rivals. VistaPrint's earnings have risen from 45 cents a share in the year ended June 2006 to $1.25 in fiscal-year 2009. In strong fiscal first-quarter results out last week, the company guided investors to earnings in the range of $1.39 to $1.49 a share in fiscal 2010. That's 11% to 20% growth, but investors and analysts are focused on the company's far higher guidance of a non-GAAP-adjusted figure of $1.85 to $1.95 this year. (GAAP refers to generally accepted accounting principles.)

The company has slashed costs, outsourcing most of its manufacturing. Head count, which early in the year was above 7,000, is now under 4,000, due in part to the sale of a factory in China to contract manufacturer Sanmina-SCI (SANM). Gross margins in the latest quarter hit 44% for JDS, up from 42.2% in the previous one. As revenue recovers, Waechter says, a bump to the 46%-plus range is ahead. I won't predict a return to $1,000 for the stock, but a gradual recovery back to double digits is a reasonable bet.

Apollo Group and other for-profit colleges will find it harder to make the grade -- especially as they come under scrutiny for aggressive enrollment practices.