Mitel Networks ( MITL): This $14 IPO is now a $6 busted IPO. Shares are now quite cheap, trading for less than seven times projected fiscal (April) 2012 profits. The dead-on-arrival IPO came public in the wrong year, as it's a play on the SMB sector, which up until now has been in a funk. Mitel sells phone systems and usually sees demand when companies are hiring, with new desk set-ups. But even with sales at depressed levels, Mitel can still be counted on to earn $0.75 to $0.90 a share. If SMB spending really picks up, per-share profits could exceed $1. Vistaprint ( VPRT): The big slowdown in SMB spending really hurt this company, which provides printing and marketing services to companies that are too small to handle their printing needs on an in-house basis. Shares plunged in early August, which looked to me to be a severe over-reaction. (Read Panic Selling Creates Potential for +35% Gains . . . At Least.) Analysts at Kaufman Bros. see shares rebounding back from a recent $37 to $50 as the company's sales problems this summer prove to be short-lived. "Vistaprint is currently facing a perfect storm, with small business weakness, adverse (foreign exchange) impact and recent execution issues. We note that all these factors are temporary, and should reverse themselves in the future," notes Kaufman's analysts. They predict that shares, which currently trade for 13 times next year's profits, will trade up to a price-to-earnings (P/E) multiple of 20 once these near-term concerns abate. Action to Take: Spending at small businesses is likely to rebound only slowly into 2011 and perhaps more robustly into 2012. But investors need to look ahead, and these stocks could start to appreciate handsomely, simply on the expectation that SMB spending will eventually rebound -- and the three stocks I mentioned above are good places to start. This article originally appeared on StreetAuthority. Disclosure: At the time of publication, David Sterman owned no positions in the stocks mentioned. >To submit a news tip, email: firstname.lastname@example.org.