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The market correction over concerns about European debt and a possible recession has created many new stock bargains and a number of well-known stocks have dropped 30 to 50% in just weeks. It's a good time to start picking up cheap shares and setting up your portfolio for . Even if your stocks are down for the year, it's important to realize that things can turn around quickly. If you buy at or near the recent lows, you could end up just about doubling your money if these stocks hit the price targets set by analysts this year. Here are a number of stocks that have price targets that are around double the current stock price. Most stocks have popped in the past few days so, wait for down days to pick up some more stocks like these:

Cooper Tire and Rubber (NYSE:CTB) shares are trading at $12.92. Cooper is a leading manufacturer of replacement tires. The 50-day moving average is about $11.53 and the 200-day moving average is about $19.56. These shares have traded in a range between $9.64 to $27.73 in the last 52 weeks. Earnings estimates for CTB are $1.12 per share in 2011, and $1.70 for 2012. CTB pays a dividend of 42 cents per share which yields about 3.3%. This stock recently traded around $10, so I would buy on dips. Deutsche Bank gave CTB shares a buy rating and a $33 price target earlier this year, see that here.

American Axle (NYSE:AXL) shares are trading at $8.98. AXL is a leading manufacturer of automotive components. The 50-day moving average is about $8.41 and the 200-day moving average is about $11.34. These shares have traded in a range between $6.77 to $16.20 in the last 52 weeks. Earnings estimates for AXL are $2.04 per share in 2011, and $208 for 2012. I would buy this stock on dips in the $7 to $7.50 range which is where it has recently traded. Barclays Capital has set a $12 price target, but KeyBanc Capital Markets has a $15 price target for AXL shares, see that here.

Ligand Pharmaceuticals, Inc. (NASDAQ:LGND), is trading around $13.87. Ligand is a biotechnology company, based in California. These shares have traded in a range between $8.14 to $16.24 in the last 52 weeks. The 50-day moving average is $13.79 and the 200-day moving average is $11.26. LGND is estimated to earn about 50 cents per share in 2011. C.K. Cooper set a $24 price target on LGND shares, see that here.

MGIC Investment Corp. (NYSE:MTG) is trading around $2.48. MGIC is a surety and title insurance company and is based in Wisconsin. The 50-day moving average is $2.22 and the 200-day moving average is $6.38. These shares have traded in a range between $1.51 to $11.79 in the last 52 weeks. Earnings estimates for MTG are for a loss of about $1.86 in 2011 and a smaller loss of about 3 cents in 2012. This stock has plunged and recently hit new 52 week lows over concerns that the housing crisis will continue. FBR Capital has an outperform rating on MTG shares and has set a $9 price target, see that here.

Royal Caribbean Cruises (NYSE:RCL) shares are trading at $25.79. RCL is a major cruise line company, based in Miami. The 50-day moving average is $23.95 and the 200-day moving average is $36.09. Earnings estimates for RCL are for a profit of $2.88 per share in 2011 and $3.24 in 2012. RCL is facing a number of challenges and the possibility that a slower global economy will reduce bookings. However, one positive is that oil prices have fallen in recent weeks and that greatly reduces fuel costs for this cruise line. Barclays Capital has an overweight rating and a $49 price target for RCL shares, see that here.

Ford Motor Co. (NYSE:F) shares are trading at $11.56. Ford is a global leader in auto and truck manufacturing. The 50-day moving average is about $10.57 and the 200-day moving average is about $13.73, so these shares are trading between support levels. Ford shares hit a 52 week high of $18.97 and a low of $9.05 earlier this year. Earnings estimates for Ford are $1.93 per share in 2011 and $1.76 for 2012 which puts the PE ratio at about 5. Barclays Capital has a $15 price target on Ford, but RBC Capital Markets has a $19 target and UBS has a $22 target, see that here.

The data is sourced from Yahoo Finance and Finviz.com. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes only.

Disclosure: I am long F, RCL.

Source: 6 Bargain Stocks That Analysts Expect To Double