The following is a list of companies that have been identified as potential takeover candidates by various publications, including Barron's, UBS, Morningstar, Wall Street Journal, Marketwatch, TheStreet.com, and StreetInsider.

To create this list, we started with a universe of about 250 takeover targets. We then collected price and analyst target price data on these names, and ranked the list by discount to analyst target price (used as a proxy for fair value). If you want to access the complete universe of takeover targets, click here.

In other words, these are the takeover targets that analysts think are deeply undervalued.

We'll be the first to admit that this is a very naive way to find undervalued companies. Analysts don't always have the best track record, and price targets may not reflect the latest information on a stock. But the goal here is to give you a starting point for your own analysis.

Analyst target prices sourced from Finviz. We'll also cite the source for each takeover idea below.

*Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.*

The list has been sorted by the discount to analyst target price.

* 1. Goldcorp Inc. (NYSE:GG):* Gold Industry. Market cap of $29.99B. Valueline identified the company as a possible takeover target. Current price at $39.85 vs. average analyst target price at $60.22 (implies a discount of 33.83%). Short float at 0.94%, which implies a short ratio of 1.13 days. The stock has gained 7.3% over the last year.

* 2. Dendreon Corp. (NASDAQ:DNDN):* Biotechnology Industry. Market cap of $5.21B. Street Insider identified the company as a possible takeover target. Current price at $35.68 vs. average analyst target price at $52.29 (implies a discount of 31.77%). Short float at 8.72%, which implies a short ratio of 4.27 days. The stock has gained 23.58% over the last year.

* 3. Kinross Gold Corporation (NYSE:KGC): *Gold Industry. Market cap of $19.19B. ValueLine identified the company as a possible takeover target. Current price at $16.51 vs. average analyst target price at $23.79 (implies a discount of 30.60%). Short float at 0.72%, which implies a short ratio of 1.34 days. The stock has lost -7.83% over the last year.

* 4. Human Genome Sciences Inc. (HGSI):* Biotechnology Industry. Market cap of $4.82B. Morningstar identified the company as a possible takeover target. Current price at $25.10 vs. average analyst target price at $35.17 (implies a discount of 28.63%). Short float at 7.85%, which implies a short ratio of 3.95 days. The stock has lost -12.16% over the last year.

* 5. Petrohawk Energy Corporation (NYSE:HK):* Independent Oil & Gas Industry. Market cap of $5.82B. UBS identified the company as a possible takeover target. Current price at $18.62 vs. average analyst target price at $24.43 (implies a discount of 23.78%). Short float at 6%, which implies a short ratio of 2.95 days. The stock has lost -23.46% over the last year.

* 6. GameStop Corp. (NYSE:GME):* Electronics Stores Industry. Market cap of $3.1B. Barrons and TheStreet identified the company as a possible takeover target. Current price at $20.70 vs. average analyst target price at $26.84 (implies a discount of 22.88%). Short float at 26.38%, which implies a short ratio of 10.59 days. The stock has lost -0.24% over the last year.

* 7. Seagate Technology PLC (NASDAQ:STX):* Data Storage Devices Industry. Market cap of $6.66B. Street Insider and Barrons identified the company as a possible takeover target. Current price at $13.15 vs. average analyst target price at $16.75 (implies a discount of 21.49%). Short float at 2.09%, which implies a short ratio of 0.81 days. The stock has lost -20.44% over the last year.

* 8. Celgene Corporation (NASDAQ:CELG):* Biotechnology Industry. Market cap of $26.51B. Morningstar identified the company as a possible takeover target. Current price at $55.94 vs. average analyst target price at $70.26 (implies a discount of 20.38%). Short float at 1.73%, which implies a short ratio of 2.42 days. The stock has lost -2.93% over the last year.

* 9. Lorillard, Inc. (NYSE:LO):* Cigarettes Industry. Market cap of $11.21B. Street Insider and UBS identified the company as a possible takeover target. Current price at $74.46 vs. average analyst target price at $92.67 (implies a discount of 19.65%). Short float at 5.5%, which implies a short ratio of 6.12 days. The stock has gained 4.11% over the last year.

* 10. Cephalon Inc. (NASDAQ:CEPH):* Biotechnology Industry. Market cap of $4.47B. Thunderstorm Capital identified the company as a possible takeover target. Current price at $59.82 vs. average analyst target price at $73.83 (implies a discount of 18.98%). Short float at 14.43%, which implies a short ratio of 9.39 days. The stock has lost -10.53% over the last year.

* 11. Expedia Inc. (NASDAQ:EXPE):* Lodging Industry. Market cap of $7.49B. Merrill Lynch identified the company as a possible takeover target. Current price at $26.16 vs. average analyst target price at $31.83 (implies a discount of 17.81%). Short float at 6.79%, which implies a short ratio of 2.85 days. The stock has gained 19.62% over the last year.

* 12. Macy's, Inc. (NYSE:M):* Department Stores Industry. Market cap of $9.71B. TheStreet.com identified the company as a possible takeover target. Current price at $23.67 vs. average analyst target price at $28.72 (implies a discount of 17.58%). Short float at 3.42%, which implies a short ratio of 1.77 days. The stock has gained 40.7% over the last year.

* 13. Genworth Financial Inc. (NYSE:GNW): *Life Insurance Industry. Market cap of $6.58B. iStockAnalyst identified the company as a possible takeover target. Current price at $13.34 vs. average analyst target price at $16.14 (implies a discount of 17.35%). Short float at 1.94%, which implies a short ratio of 1.41 days. The stock has gained 0.75% over the last year.

* 14. Plains Exploration & Production Company (NYSE:PXP): *Independent Oil & Gas Industry. Market cap of $4.76B. UBS identified the company as a possible takeover target. Current price at $32.83 vs. average analyst target price at $39.63 (implies a discount of 17.16%). Short float at 6.47%, which implies a short ratio of 4.36 days. The stock has gained 3.95% over the last year.

* 15. Marshall & Ilsley Corporation (NYSE:MI):* Regional Bank. Market cap of $3.78B. UBS and Dick Bove identified the company as a possible takeover target. Current price at $7.11 vs. average analyst target price at $8.48 (implies a discount of 16.16%). Short float at 2.35%, which implies a short ratio of 0.69 days. The stock has lost -2.05% over the last year.

* 16. Qiagen NV (NASDAQ:QGEN):* Biotechnology Industry. Market cap of $4.38B. Investopedia identified the company as a possible takeover target. Current price at $18.75 vs. average analyst target price at $22.34 (implies a discount of 16.07%). Short float at 2.41%, which implies a short ratio of 4.24 days. The stock has lost -19.67% over the last year.

* 17. SLM Corporation (NYSE:SLM):* Credit Services Industry. Market cap of $6.71B. Street Insider identified the company as a possible takeover target. Current price at $13.67 vs. average analyst target price at $16.17 (implies a discount of 15.46%). Short float at 2.89%, which implies a short ratio of 3.53 days. The stock has gained 19.86% over the last year.

* 18. Avon Products Inc. (NYSE:AVP):* Personal Products Industry. Market cap of $12.23B. TheStreet.com identified the company as a possible takeover target. Current price at $28.39 vs. average analyst target price at $33.57 (implies a discount of 15.43%). Short float at 1.58%, which implies a short ratio of 1.61 days. The stock has lost -9.15% over the last year.

* 19. Lubrizol Corporation (LZ):* Specialty Chemicals Industry. Market cap of $6.9B. Merrill Lynch identified the company as a possible takeover target. Current price at $103.50 vs. average analyst target price at $122.38 (implies a discount of 15.43%). Short float at 2.5%, which implies a short ratio of 3.05 days. The stock has gained 28.66% over the last year.

* 20. Dell Inc. (NASDAQ:DELL):* Personal Computers Industry. Market cap of $26.6B. Barrons identified the company as a possible takeover target. Current price at $13.70 vs. average analyst target price at $16.18 (implies a discount of 15.33%). Short float at 3.38%, which implies a short ratio of 2.88 days. The stock has lost -5.03% over the last year.

**Disclosure: **I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.