ABB's shares aren't cheap at 32.50, or 18 times forecast earnings. Yet the company's rosy prospects could propel the stock to 40 in a year, then to 50.

Kraft's reorganization and moves abroad seem to be working. If wheat and milk prices stabilize, the picture will be still brighter. Look for total returns of 15%-plus over the next year.

East West shares, off more than 70% in the past year, are cheap in light of the bank's earnings potential in 2009. Upside exceeds 40%.

Given its recent near-doubling and a price-earning multiple of 64, AgFeed's stock is vulnerable to any disappointments. One company consultant has a record of regulatory troubles.

At 11 times pretax cash flow, Clear Channel's buyers are paying a big premium over the valuation of other large media companies.

"I think that Larry still isn't getting any credit," says Goldman Sachs software analyst Sarah Friar. Based on a discounted-cash-flow analysis, she thinks the shares are worth 24. And some bulls, such as Evergreen Investment Management, which holds the stock, puts the value at 30. "I think we do deserve a premium multiple," which will come in due time, Ellison told Barron's in an interview at his 37-acre estate in Woodside, Calif., near Stanford University. "The market gets it right over a long period."

RBC Capital Markets analyst Jason Arnold told clients, "We are concerned that if the company is unable to raise capital at this juncture, regulators may take action against the firm if credit weakness continues to grow materially."

Its price/earnings multiple based on 2008 expectations is 16, versus 19.5 for an 11-company peer group, and its 3.75% dividend yield compares with a peer average of just over 2%. Blending a half-dozen valuation methods, some hedge-fund investors who own the stock figure its fair value is closer to $30.