10 Analyst Stock Picks Under $10 for Massive Upside

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24/7 Wall St. is constantly on the hunt for undiscovered opportunities and hidden value in the financial markets. Even in hard times there are always some opportunities that can be found. Each morning of the week we review dozens of analyst upgrades, downgrades and initiations, which ends up being hundreds of analyst calls each week. These calls are made from bulge bracket firms like Goldman Sachs and Merrill Lynch all the way down to regional and boutique firms whose investor reach and influence is generally smaller.

One category of analyst calls that often comes with great upside is in the small-cap and low-priced stocks. Some of these stocks trade under $10 per share. Frequently in this category of cheap and small cap stocks the projected analyst upside just seems ludicrous. Other times it seems more reasonable, and in many cases the stocks have traded at those levels before.

24/7 Wall St. tries to warn its readers endlessly that it is best not to trust any analyst call blindly. The reality is that there is no free lunch on Wall Street. Where else can you get your call right, but the timing can be days or hours off?

Array BioPharma Inc. (NASDAQ: ARRY) was initiated with an Outperform rating and a $9 price target at Cowen on September 12. Shares closed Friday at $3.47, with a consensus analyst price target of $8.00 and a 52-week trading range of $2.38 to $5.87.

Boingo Wireless Inc. (NASDAQ: WIFI) was started as Outperform with a $12 price target on September 13. Shares of Boingo were last trading at $9.13. The consensus price target is $11.01, and the 52-week range is $5.40 to $9.88.

Eldorado Gold Corp. (NYSE: EGO) was raised to Buy from Underperform with a $5 price objective Merrill Lynch on September 14. Shares were closed most recently at $3.99, in a 52-week range of $1.87 to $5.16. The consensus price target is $5.76.

Energy Recovery Inc. (NASDAQ: ERII) was upgraded to a Buy rating from Hold at Jefferies on September 13, with a price target of $20. Jefferies noted a triple thesis: high incremental margins, recovery in the core desalination market and validation of the broader theme of harvesting fluid pressure in high-pressure and toxic environments. Shares closed out the week at $14.57, with a consensus price target of $15.75 and a 52-week range of $2.07 to $14.65.

Extreme Networks Inc. (NASDAQ: EXTR) was raised to a Buy rating from Neutral at D.A. Davidson. The stock was most recently trading at $4.23 a share. The consensus analyst target is $5.26. The 52-week range is $2.32 to $4.55.

Mirna Inc. (NASDAQ: MIRN) was started with a Buy rating and assigned a $6 price target at H.C. Wainwright on September 12. Shares closed at $2.25, with a consensus price target of $7.38 and a 52-week range of $2.23 to $11.01.

Xerox Corp. (NYSE: XRX) was started with a Buy rating and assigned a $13 price target at SunTrust Robinson Humphrey. Remember that Xerox is breaking itself up. The stock has a 52-week range of $8.48 to $11.39 and a consensus price target of $11.32. Shares closed Friday at $9.80.

Xplore Technologies Corp. (NASDAQ: XPLR) was initiated as a Buy rating with a $5 price target at Maxim Group. Shares were last trading at $2.25. The consensus price target is $3.70, and the 52-week range is $2.10 to $6.15.

Demand Media Inc. (NYSE: DMD) was initiated with a Buy rating and a $10 price target at Craig Hallum on September 12. Shares closed at $5.91 apiece, with a consensus price target of $7.07 and a 52-week range of $3.94 to $6.47.

Oasmia Pharmaceutical AB (NASDAQ: OASM) was initiated as a Buy with a $6 price target at Rodman & Renshaw. Shares closed Friday at $3.39, in a 52-week range of $2.75 to $5.25. The consensus analyst target is $6.00.