4. MEMC Electronic Materials ( WFR) makes polysilicon and wafers for the solar energy and semiconductor industries.

Barclays believes that it will gain market share in the semi space in 2011 and its movement to bring wafering in-house will accelerate vertical integration in the solar business and boost margins going forward. With declining average-selling-prices and costs for wafers in 2011, earnings remain variable.

Still, the stock trades at nine-times Barclays' 2011 earnings forecast, a significant historical discount. In years past, its trading range has been 12 to 27 times Barclays' EPS estimate, so major upside is possible.


3. TCF Financial ( TCB) is a Midwest bank with retail and wholesale banking businesses.

Barclays notes that its seven-day branch operations and outstanding deposit base afford it a "best-in-class net interest margin." It has a strong leasing and equipment finance lease division, which will grow lending in 2011. Regulatory hurdles, including lower service fees stemming from the Dodd-Frank Act, present a potential headwind, which could damage its debit card fees anywhere from 20% to 80%.

Still, TCF is an exceptionally well-run bank, with 62 quarters of consecutive profitability and higher-than-average capital ratios. Barclays projects a $22 share price, suggesting 51% of upside in 12 months.

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