NEW YORK ( TheStreet) -- Petroleo Brasileiro ( PBR), Tele Norte Leste ( TNE), Fibria Celulose ( FBR), Gerdau ( GGB), Companhia Siderurgica Nacional ( SID), VALE ( VALE), Banco Bradesco ( BBD), Companhia Energetica de Minas Gerais (CEMIG) ( CIG), Itau Unibanco Holding ( ITUB) and Banco Santander (Brasil) ( BSBR) have an upside up to 44%, based on analysts' consensus estimates of 12-month price targets.

Brazilian stocks were pummeled to their lowest levels in more than five months at close Friday. Brazil's Bovespa has shed 2.24% and 5.7% during the last one month. Besides, depleting public finances and rising inflation numbers accentuated the decline. The Egyptian political unrest has shaken equity markets around the world.

The stock market correction comes a month after Inacio Lula da Silva, the former President of Brazil, claimed that Brazil is destined to become the fifth-largest economy by 2016. The International Monetary Fund earlier projected 2010 GDP growth rate at 7.5%, and Brazil's Finance Ministry forecasts 5% GDP growth in 2011.

We have identified 10 stocks across sectors like banking, commodities and telecommunication, which investors can consider for diversifying their portfolios. The stocks selected have a minimum market capitalization of $7 billion and delivered average gains of 11% to 15% during the last one year and are expected to generate 17% to 44% gains during 2011, according to analysts' consensus estimates.

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