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Finding value has become an art. We normally tend to think that stocks trading under $5 are there for a reason. However, if you look deeper, you can actually find some nice companies that are either turning around or growing rapidly. The following is a list of seven companies that I believe are unfairly punished and have the potential to double over the coming years.

Sprint Nextel Corporation, (NYSE:S) through its subsidiaries, offers wireless and wireline communications products and services to individual consumers, businesses, government subscribers, and resellers in the United States, Puerto Rico, and the U.S. Virgin Islands.

Sprint has had a difficult time competing with its rivals, such as AT&T (NYSE:T) and Verizon (NYSE:VZ). The company has plans to get the new iPhone, however it is still to be determined how much subsidy they will provide to customers. Either way, the company is generating free cash flow and paying off its debt. The stock could double to more than $6 a share if the company gets on the right track.

Alcatel-Lucent (NYSE:ALU) provides products, solutions, and transformation services that enable service providers, enterprises, governments, and strategic industries to deliver voice, data, and video communication services to end-users worldwide. It engages in the development and sale of software and related services to manage customer interactions over the phone, Web, and mobile devices.

As demand for broadband continues to grow exponentially, Alcatel will benefit from it. The company will be a big beneficiary of the 4G market as consumers begin to buy phones requiring more bandwidth. The stock has a forward P/E of 6.9.

Sirius XM Radio Inc. (NASDAQ:SIRI) provides satellite radio services in the United States and Canada. It broadcasts a programming lineup of approximately 135 channels of commercial-free music, sports, news and information, talk and entertainment, traffic, and weather on a subscription fee basis through two satellite radio systems in the United States. SIRI also holds an interest in the satellite radio services offered in Canada.

Sirius has been considered a turnaround story. The company is growing again, and continues to be more aggressive with its growth strategy. Recent sentiment in the market has caused the stock to go down because of competition fears from companies such as Pandora (NYSE:P) and Spotify. The stock is a good buy and trades at a forward P/E of 22.62.

Huntington Bancshares Incorporated (NASDAQ:HBAN) operates as the holding company for The Huntington National Bank that provides commercial and consumer banking services.

HBAN has taken a hit as financials such as Bank of America (NYSE:BAC) continue to drag down the sector. The company is strengthening its loan portfolio and getting stricter on lending practices. The stock has a forward P/E of 7.

Brocade Communications Systems, Inc. (NASDAQ:BRCD) supplies networking equipment comprising end-to-end Internet protocol based Ethernet and storage area networking solutions.

Companies are searching for efficient and cost-effective ways to manage their data. Brocade helps provide storage services and software applications to maximize profit potential for clients. The company is in a growing space. The stock has a forward P/E of 8.98.

The Wendy's Company (NASDAQ:WEN) operates as a quick-service hamburger company in the United States.

Wendy's recently sold of its Arby's franchise in order to gain more liquidity. This move has allowed the company to be more capitalized and bank on a different growth strategy. The company has started providing healthier options in its restaurants, a move which has received favorable reviews. The stock trades at a forward P/E of 20.5.

Rite Aid Corporation (NYSE:RAD), through its subsidiaries, operates retail drugstores in the United States. The company's drugstores primarily offer pharmacy services.

Rite Aid has been getting hit in a competitive environment. Companies like CVS (NYSE:CVS) and Walgreen (NYSE:WAG) have been taking market share. However, the stock seems to be priced as if it were going to declare bankruptcy eventually. In the last quarter, the company made over $200 million in free cash flow. It seems like it could be the beginning of a turnaround if management continues to execute on its strategy.

Source: 7 Potential Doubles Now Under $5