NEW YORK (TheStreet) -- The BRIC -- Brazil, Russia, India and China -- countries are poised for strong growth in 2012. Fitch forecasts impressive economic growth for BRIC countries, at 6.3% in 2012 and 6.6% in 2013, well above that of major advanced economies.

Goldman Sachs predicts that the BRICs' combined economic growth will surpass that of the U.S. by 2018 and account for nearly 49% of global GDP by 2020. Tepid growth prospects in the U.S. and European economies have served to improve investment opportunities in the BRIC countries, reports.

Based on average estimates of analysts surveyed by Bloomberg, these 10 stocks have upsides ranging from 6% to 62%. The buy and hold ratings for these stocks are 76% and 22%, respectively, of the analysts polled.

The stocks are listed in ascending order of upside potential.

10. BRF Brasil Foods ( BRFS - Get Report) is a food company with a product portfolio comprising of more than three thousand items in the meat, dairy and processed food categories under different brands. The company operates 60 plants in Brazil, 3 units overseas, and has 24 overseas commercial offices. It has a relationship with more than 5,000 clients in 140 countries.

Of the 10 analysts covering the stock, 60% recommend a buy and 30% rate a hold. A consensus forecast of analysts polled by Bloomberg has an average 12-month price target of $23.36 for the stock, about 16.2% higher than the current price.

BRF reported net revenue of $6.3 billion for the 2011 third quarter, up 10.4% from $5.7 billion in the same quarter the prior year. Net income for the quarter surged 73% to $365 million, vs. $211 million in the same period last year. The company expects incremental demand for food products and year-end festive demand to drive sales and returns in the fourth quarter.

During the quarter, BRF announced the acquisition of Argentine companies Avex and Dánica, as part of its internationalization strategy and for strengthening the BRF brand. In November, the company announced the acquisition of Heloísa Indústria e Comércio de Produtos Lácteos Ltda, based in Terenos city, Mato Grosso do Sul, Brazil, in a transaction valued at $122.5 million.

BRF plans to expand a meat products plant in Pernambuco, a Brazilian state, reports Valor Economico, a Sao Paulo-based newspaper citing a company official.

9. Tata motors ( TTM) is India's largest automobile company, the world's fourth-largest truck manufacturer and the third-largest bus producer. Operating in two segments, automotive and other, Tata and its subsidiaries engage in the development of engineering and automotive solutions, manufacture of construction equipment, automotive components, supply chain activities, and automotive retail and service operations.

Of the 53 analysts covering the stock, 74% recommend a buy and 19% suggest a hold. The stock is a value pick with a target price of $20.08, about 22.4% higher than the current price, say MarketWatch analysts.

For second-quarter fiscal 2012, Tata Motors reported revenue of $7.86 billion, up 27.8% from $6.15 billion in the same quarter the prior year. Net profit came in at $410.5 million, while diluted EPS stood at 12 cents at the end of the second quarter.

Tata Motors sold 76,823 units during November, up 40.6% from 54,622 in the same month last year. Sales of Nano -- the world's cheapest car -- were 6,401 during the month compared to 509 units in the year-ago period, recording a more than 12-fold jump.

The group's global wholesales for October stood at 95,789 units, 10% higher than in the same month last year. Cumulative sales for the fiscal are 642,431 units, up 7% compared to the corresponding period in 2010.

Tata recently rolled out Tata Sumo Gold, equipped with the new technology, and Range Rover Evoque from the Jaguar Land Rover corporate showroom in Mumbai. Tata Motors is planning to launch a diesel version of the Nano at the upcoming Delhi Auto Expo in 2012.

8. ( NTES - Get Report) is a China-based Internet company engaged in developing applications, services and other technologies for the Internet in China.

Of the 26 analysts covering the stock, 85% recommend a buy and 15% suggest a hold. The stock's average 12-month price target is $58.80, or 24.7% higher than the current price, according to a Bloomberg consensus.

For the third quarter of 2011, Netease reported total net revenue of $306.9 million, up 46.6% from $209.3 million in the same quarter last year. Net income attributable to shareholders grew 48.05% to $129.4 million, or 99 cents per share, from $87.4 million, or 67 cents, for the same period a year ago. The company generated 88% of its revenue through online games, both in-house titles and licenses of popular Western games.

As of Sept. 30, registered Netease email users grew 4.9% to 430 million, while micro-bloggers surged 68.6% to 88.5 million, from the second quarter.

On Dec. 1, Netease announced that its board of directors has agreed to a new stock repurchase program of $50 million American Depositary Shares within three months.

NTES recently launched a free iPhone client for television programming listings to enable users to check weekly listings for more than 500 channels. NTES plans to separate its shopping search-engine domain for independent operation, Senior Vice President Zhou Feng told Reuters in a recent interview, without disclosing other details.

7. Telefonica Brasil ( VIV - Get Report) is one of the largest telecommunication providers, with more than 264 million users in more than 25 countries. It provides fixed-line telecommunications services, international and interregional long-distance services, and multimedia communication services.

Of the 11 analysts covering the stock, 82% recommend a buy and 18% rate a hold. Analysts' average 12-month price target of $33.76 for the stock is 31.1% higher than the current price, according to a Bloomberg consensus.

For the third quarter of 2011, the company reported net service revenue at $8.03 billion, growing 5.6% from $7.60 billion in the same period the previous year. Net income increased 6.4% to $1.33 billion, vs. $1.25 billion in the equivalent quarter the prior year.

During the quarter, the company saw record growth of 72.1% in net additions in the mobile segment, to 3 million, from the prior year's same quarter, and a growth of 50.4% from the second quarter. Mobile broadband accesses grew 44.8%, while fixed broadband accesses were up 13.2% from the year-earlier quarter.

In November, VIV's board approved a repurchase of up to 2,912,734 ordinary shares. On Dec. 12, the company approved its own capital interest of $330 million total gross, a net value of 23 cents per ordinary and 25 cents per preferred share, payable by the end of 2012. The record date is Dec. 29, 2011 and the shares will be traded ex-interest as of Jan. 2, 2012.

MasterCard and Telefonica have teamed up to offer mobile financial solutions for 65 million Vivo phone subscribers in Brazil. Telefonica Brazil -- backed by Spain's Telefonica -- and America Movil's local unit Telecom Americas (Claro) are expected to submit bids for 2500MHz spectrum to offer 4G services in the auctions for three separate wireless spectrums next year.

6. TIM Participacoes ( TSU - Get Report) is a Brazil-based holding company operating through subsidiaries TIM Celular and Intelig Telecomunicacoes in the telecommunication segment. It's a mobile, fixed, long-distance and data transmission operator and has international roaming agreements for TIM customers; more than 450 networks are available in over 200 countries across six continents.

Of the 13 analysts covering the stock, 92% recommend a buy and 8% suggest a hold. Analysts' average 12-month price target for the stock is $33.07, about 37.2% higher than the current price, according to data compiled by Bloomberg.

For the third quarter, the company reported total net revenue of $2.3 billion, an increase of 18.9% from $1.97 billion in the same quarter the previous year. Net profit reached $170 million, growing 115.7% from $78.8 million in the year-ago quarter.

TIM's subscriber base reached 59.2 million, expanding 26.1% from the prior-year quarter. Total traffic amounted to 22.4 billion minutes, growing 32.8% year-on-year. MOU reached 130 minutes in the third quarter, up 5.2%, vs. 123 minutes in the third quarter the previous year.

Tim Participacoes acquired nine lots of spectrum in the 1.8 gigahertz band airwaves for $61 million through the Brazilian government's auction that raised $132 million.

5. Mobile Tele Systems (MTS) ( MBT - Get Report) is a Russia-based telecommunication provider offering mobile and fixed voice, broadband, pay TV as well as content and entertainment services. Including its subsidiaries, the company services more than 100 million mobile subscribers. MBT has been awarded GSM licenses in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus, a region that boasts a total population of more than 230 million.

Of the 21 analysts covering the stock, 71% recommend it as a buy and 29% it rate a hold. Analysts' average 12-month price target for the stock is $21.07, about 45.1% higher than the current price, according to a Bloomberg consensus.

For the 2011 third quarter, MBT reported revenue of $3.27 billion, growing 12.5% from $2.91 billion in the same quarter the previous year. Net profit stood at $361.8 million for the quarter and diluted EPS was 18 cents at the end of the quarter.

The ARPU of MTS reached $9.06 in the third quarter of 2011, increasing 6.84% from $8.48 in same quarter of 2010. The MOU also grew 11.5% to 272 in the third quarter vs. 244 in the third quarter of 2010.

MTS and Samsung jointly announced the launch of Samsung Smart TV sets and Blu-ray players with built-in access to multimedia entertainment portal, which is an interactive store with a great selection of legal video content from MTS.

Recently, MTS' subsidiaries completed the acquisition of a 100% stake in CJSC Sistema-Inventure, which directly owns 29% of ordinary shares of Moscow City Telephone Network. Sistema-Inventure was acquired from JSFC Sistema.

4. VanceInfo Technologies ( VIT) is a China-based information technology solutions provider and a leading offshore software development company. It operates through three business units: R&D Outsourcing Services, IT Services and other solutions and services, including business process outsourcing.

Of the 14 analysts covering the stock, 71% recommend a buy and 21% rate it a hold. Analysts have an average 12-month price target of $14.77 for the stock, about 48.4% higher than the current price, according to a Bloomberg consensus.

For the third quarter of 2011, VIT reported net revenue of $70.3 million, up 25.9% from $59.9 million in the same quarter the prior year. Gross profit surged 18.2% to $24 million from $20.3 million in the year-ago period. For the quarter, net income stood at $3.2 million, or 7 cents per share.

For the fourth quarter, the company estimates net revenue of $84 million, an increase of 41% from the corresponding period in 2010. Non-GAAP diluted EPS is pegged between 19 cents and 21 cents for the fourth quarter, based on 44.2 million total ADS equivalent average shares outstanding.

With customers like Tata Consultancy Services, Wipro, Infosys and HCL Technologies, VIT is trying to outstrip Indian outsourcers with its expertise. The company has announced plans to set up its Australia-New Zealand headquarters in Melbourne, aiming at creating 100 new local jobs by the end of 2012.

3. Embraer ( ERJ - Get Report), engaged in the manufacture of commercial aircraft, also supplies defense aircraft to the Brazilian Air Force and armed forces in Europe, Asia and Latin America. It also develops a line of executive jets.

Of the 23 analysts covering the stock, 67% recommend a buy while the rest suggest a hold. There are no sell ratings on the stock. On average, analysts estimate 51.5% upside to $35.85 in value from current levels.

For the third quarter of 2011, the airline company recorded revenue of $1.36 billion, compared to $1.04 billion in the same quarter last year. During the quarter, ERJ delivered 28 jets to the commercial aviation market and 18 to the executive aviation market. The order backlog has increased by $200 million to $16 billion, led by high sales activity in executive aviation.

As per the contract signed between BOC Aviation and Embraer, 15 Embraer 190 aircraft are scheduled for delivery in the fourth quarter of 2012 through 2014. With the delivery of its first Phenom last week, the company has orders for more than 22 Phenom 100s until 2015.

Mid-November, Embraer, in an attempt to grow its commercial aviation organization and customer support structure in the Middle East, opened a representative office in Dubai, aiming at strengthening ties with customers with high demand for E-Jets of 70- to 120-seat platforms.

For 2011, revenue guidance is seen in the range of $5.6 billion to $5.8 billion. The outlook for EBIT and EBITDA is $465 million and $700 million, respectively, thereby pushing margins above the current guidance of 8% and 12%, respectively. ERJ chief executive believes that its defense unit will carve double-digit growth in 2012 and account for one-fifth of revenue in a few years. In 2012, revenue generated would be sufficient to meet debt service obligations, thereby eliminating the need to access capital markets in 2012, the company's chief financial officer recently said.

2. ( BIDU - Get Report) is an Internet search engine providing information, including Web pages, news, images and multimedia files online in Chinese. The company serves online marketing customers comprising of small- and medium-sized enterprises (SMEs), domestic corporations, and divisions or subsidiaries of multinational corporations.

Of the 33 analysts covering the stock, 88% recommend a buy and the rest rate it a hold. There are no sell ratings on the stock. On average, analysts estimate 55% upside to $189.48 in value from current levels.

For the third quarter of 2011, Baidu recorded revenue of $654.7 million, indicating an increase of 85.1% from the year-ago quarter. Net income for the quarter stood at $295 million, or 84 cents per share, surging 79.8% from the third quarter of 2010. Traffic Acquisition Costs represented 8% of total revenue, compared to 8.9% in the prior-year quarter.

Baidu recently announced plans to invest about $470 million in China's online market through 2015, primarily to support entrepreneurs in building their online presence and to train more than 100,000 search marketing professionals. The initial cash outlay will aid close to 2 million SMEs to expand their commercial activities in the country. Early September, Baidu reportedly partnered Dell to develop tablet computers and mobile phones.

The company's total revenue guidance for the fourth quarter is $691.4 million to $711 million, growing 79.9% to 85% from the same quarter the preceding year and above street estimates.

1. ( SOHU - Get Report) is a Chinese online media, search, gaming, community and mobile service group. The company's business consists of brand advertising, online games, sponsored search and wireless business.

Of the 23 analysts covering the stock, 70% recommend a buy and the rest suggest a hold. There are no sell ratings on the stock. On average, analysts estimate 70.4% upside to $81.27 in value from current levels.

For the third quarter of 2011, SOHU recorded total revenue of $233 million, increasing 42% year-over-year and exceeding the company's higher end of guidance by $3 million.

GAAP net income attributable to the company stood at $45.3 million, or $1.17 per diluted share. Meanwhile, GAAP net income before non-controlling interest increased 19% year-over-year. The aggregate registered accounts for Changyou's games, excluding games of Shenzhen 7Road Technology, surged 51% year-over-year to 159 million. Also, active paying accounts for the same rose 16% to 3.02 million.

SOHU recently renewed its annual subscription for DigitalGlobe imagery and expanded coverage from 44 cities to 100 cities. This will provide end-users more up-to-date maps with a greater coverage of China's landscape. Besides, and its majority shareholder jointly announced a definitive agreement for Changyou to acquire the business and assets of SOHU's, a game information portal in China, for $162.5 million.

For the fourth quarter of 2011, SOHU estimates revenue to be in the range of $241 million and $246 million. Non-GAAP net income attributable to the company is seen between $50.5 million and $52.5 million, while non-GAAP fully diluted earnings per share are pegged between $1.30 and $1.35.

>>To see these stocks in action, visit the 10 BRIC Stocks for 2012 portfolio on Stockpickr.