BOSTON (TheStreet) -- Here are 10 small-cap stocks that receive "buy" ratings from all analysts who cover them. Some of the stocks are expected to more than triple in the next 12 months. Below, they are ordered by their projected return, from big to biggest.

10. Compuware ( CPWR) designs and sells software to improve technology productivity. Compuware's fiscal first-quarter profit tumbled 75% to $13 million, or 6 cents a share, as revenue declined 3.7%. The year-ago performance was helped by one-time divestiture gains. The operating margin narrowed from 13% to 11%. Compuware's stock trades at a forward earnings multiple of 15, a book value multiple of 2.1 and a cash flow multiple of 11 -- 44%, 60% and 49% discounts to software peer averages. All six of the analysts covering Compuware rate its stock "buy."

Bullish Scenario: Evercore Partners ( EVR) expects Compuware's stock to gain 21% to $10.50.

9. W.R. Grace ( GRA) produces specialty chemicals and materials. Second-quarter profit nearly tripled to $51 million, or 69 cents a share, as revenue dropped 3.7% to $685 million. The operating margin rose from 9.4% to 12%. W.R. Grace has $923 million of cash and just $20 million of debt. Its stock sells for a trailing earnings multiple of 10, a forward earnings multiple of 11, a sales multiple of 0.7 and a cash flow multiple of 5.1 -- 65%, 34%, 72% and 71% discounts to chemicals industry averages. All four researchers evaluating W.R. Grace rate its stock "buy."

Bullish Scenario: C.L. King & Associates predicts that W.R. Grace's stock will advance 32% to $37.

8. Lennox International ( LII) makes heating, ventilation, air conditioning and refrigeration products. Second-quarter net income surged 52% to $48 million. Earnings per share climbed 34% to 86 cents. Revenue grew 11%. The operating margin stretched from 8% to 9.6%. Lennox's stock trades at a forward earnings multiple of 14, a 72% discount to its building products peer average. The stock's PEG ratio of 0.2 implies an 80% discount to fair value. But, the stock is expensive based on book value and cash flow. All five analysts following Lennox rank it a "buy."

Bullish Scenario: Sterne, Agee & Leach values Lennox at $55, suggesting a return of 31%.

7. Ardea Biosciences ( RDEA) develops small-molecule therapeutics. Ardea's second-quarter loss widened 60% to $13 million, but the per share loss grew 30% to 57 cents due to dilution. The operating margin remained in negative territory. Ardea has $103 million of cash and just $4.9 million of debt. Ardea's stock is expensive based on all relative valuation metrics, with a book value multiple of 6.3 and a sales multiple of 22. Ardea has suffered 10 consecutive quarterly losses. Still, all of the 13 researchers following Ardea advocate purchasing its shares.

Bullish Scenario: Roth Capital Partners forecasts that Ardea Biosciences will rise 52% to $35.

6. Indiana Community Bancorp ( INCB) provides consumer- and community-banking services. It swung to a second-quarter profit of $1.7 million, or 41 cents a share, from a loss of $2.8 million, or 93 cents, a year earlier. Revenue held steady. The operating margin turned positive. Indiana Community Bancorp carries $18 million of cash and $80 million of debt. Its stock sells for a forward earnings multiple of 10, a book value multiple of 0.5, a sales multiple of 0.7 and a cash flow multiple of 7.3 -- 69%, 54%, 76% and 55% discounts to financial services industry averages.

Bullish Scenario: Stifel Financial ( SF) values Indiana Community at $19, implying 51% upside.

5. Aircastle ( AYR) acquires, sells and leases commercial jet aircraft to airlines. Second-quarter profit tumbled 34% to $18 million, or 23 cents a share, as revenue declined 4.5%. The operating margin dropped from 51% to 47%. Aircastle has $442 million of cash and $2.5 billion of debt. Aircastle's stock trades at a trailing earnings multiple of 7.2, a forward earnings multiple of 7.7, a book value multiple of 0.5 and a cash flow multiple of 2 -- 63%, 53%, 83% and 81% discounts to peer averages. All six analysts evaluating the stock rate it "buy."

Bullish Scenario: JPMorgan ( JPM) predicts that Aircastle's stock will advance 54% to $13.

4. Micrel ( MCRL) makes high-performance analog, mixed-signal and integrated circuits. Second-quarter profit more than tripled to $12 million, or 20 cents a share, as revenue increased 43%. The operating margin jumped from 12% to 26%. Micrel holds $104 million of cash and just $7.1 million of debt. Its stock sells for a forward earnings multiple of 12, a book value multiple of 3, a sales multiple of 2.4 and a cash flow multiple of 8.6 -- 10%, 46%, 28% and 42% discounts to industry averages. All four of the analysts covering Micrel rate its stock "buy."

Bullish Scenario: Sidoti & Co. forecasts that Micrel's stock will appreciate 90% to $19.

3. Global Traffic Network ( GNET) sells traffic and news information to radio and television stations. The company swung to a fiscal fourth-quarter profit of $360,000, or 2 cents a share, from a loss of $1.1 million, or 6 cents, a year earlier. Revenue gained 29%. The operating margin turned positive. Global Traffic Network's stock trades at a forward earnings multiple of 15, a book value multiple of 1.9 and a sales multiple of 1 -- 89%, 48% and 60% discounts to media peer averages. All six researchers following Global Traffic advise purchasing its shares.

Bullish Scenario: Noble Financial values the stock at $8.62, implying 65% of upside.

2. Avanir Pharmaceuticals ( AVNR) acquires, develops and commercializes therapeutic products. Avanir's fiscal third-quarter loss expanded 15% to $5.7 million, but the per share loss remained steady at 6 cents due to dilution. Revenue fell 17% to $490,000. The operating margin fell further into negative territory. Avanir has $41 million of cash and no debt. Its stock sells for a book value multiple of 9.3 and a sales multiple of 75 -- sizable premiums to pharmaceutical industry averages. All five analysts evaluating Avanir advise purchasing its shares.

Bullish Scenario: Jefferies ( JEF) predicts that Avanir's stock will surge 207% to $10.

1. OncoGenex ( OGXI) is a biopharmaceutical company developing therapies for cancer. It swung to a second-quarter profit of $150,000, or 2 cents a share, from a loss of $4.6 million, or 82 cents, a year earlier. Revenue turned positive. OncoGenex has $48 million of cash and just $1.3 million of debt. Its stock trades at a sales multiple of 3 and a cash flow multiple of 3.8 -- 97% and 79% discounts to peer averages. All eight researchers covering OncoGenex rate its stock "buy." A median target of $48.17 suggests that the stock will more than triple in 12 months.

Bullish Scenario: Rodman & Renshaw ( RODM) forecasts the stock will gain 300% to $58.

-- Written by Jake Lynch in Boston.

>To see these stocks in action, visit the 10 Small-Cap Stocks With No Sell Ratings portfolio on Stockpickr.

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