NEW YORK ( TheStreet) - - Petroleo Brasileiro ( PBR), Embraer ( ERJ), Gol Linhas Aereas Inteligentes ( GOL), 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 potential of up to 60%, based on analysts' consensus estimates of 12-month price targets.

Brazilian stocks plunged to their lowest levels in the past year. Brazil's Bovespa has shed around 8% during the last six months. Brazil's inflation rose to 6.55%, topping the central bank's annual upper limit of 6.5% for the second straight month. The central bank raised the benchmark Selic rate by 25 basis points (bps) to 12.25 % on June 8; overall Selic was raised by 1.5% year-to-date.

We have identified 10 stocks across sectors like banking, commodities and airlines, which investors can consider for long-term growth. The selected stocks have an average market capitalization of $64 billion, delivered average gains of 5%, compared to Bovespa's negative 5% during the past year. These stocks could generate 40% gains during 2011, according to analysts' consensus estimates with a mean buy rating of 65%.

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