Stocks have pulled back from their all-time highs after escalation of civil war in Iraq, but Friday managed to close higher. Investors remain bullish, and they keep hearing that the bull market has morphed into a stock picker’s market. Each day of the week, 24/7 Wall St. reviews analyst research reports that cover stocks to buy and stocks to sell. At the end of each week we look at the analyst stocks that were given positive ratings that trade under $10.

We would caution readers that stocks trading under $10 are among the riskiest of all stocks. Still, they can also have much larger implied upside if the analysts get their calls right. Some analysts even make projections of 50%, 100% or even exponential upside.

Investors are still looking for gains, but they will be selective in their picks to avoid getting caught in bad stocks. If you want to see proof of this, consider that as of Friday there were only four stocks trading under $10 that are members of the S&P 500 Index.

Another risk test in stocks under $10 is that almost all of these would fail the “widows and orphans” suitability test, a term that brokers and financial advisors have to consider when it comes to ethics and suitability for clients.

These are the 12 analyst stocks we tracked this past week with huge implied upside, if the analysts are correct in their calls.

Advanced Micro Devices Inc. (NYSE: AMD) was given a daily double last Tuesday. The stock rose on the calls and on Intel, despite a lower stock market. The gains likely would have been more had the market been strong. AMD was started as Outperform with a $5 price target at Imperial Capital. Canaccord Genuity also resumed coverage at Buy with a $5 price target, saying that the earnings recovery is being driven by diversified growth with a focus on operating margins. More details were provided in a dedicated article.

Alcatel-Lucent S.A. (NYSE: ALU) was raised to Neutral from Underweight at HSBC this past Tuesday. While this is hardly much of an upgrade on the surface, it did remove one of the remaining equivalents of a “Sell” rating. The ADSs still closed down on the week.

ALSO READ: Friday’s Top Analyst Upgrades and Downgrades

Fusion-io, Inc. (NYSE: FIO) was started with a Buy rating and given a $12.50 price target at Roth Capital Partners on Friday. Shares were at $8.83 prior to the call, but the stock rose 5% to $9.28 by Friday’s close. Keep in mind that the 52-week range is $7.77 to $15.59 and that the consensus price target is $11.88. Fusion-io has seen $12.50 and higher not that long ago, and there is still one analyst who sees fair value ahead north of $15.