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The past couple of months have been tough for many investors but most are still looking for opportunities. The market correction 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 some big gains in the next 6-12 months. 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.

Below you can see a number of stocks that have price targets which are around double the current stock price. I picked these stocks because they are in economically sensitive industries like construction, coal and oil. Because of that, these stocks have fallen more than the market averages, but that could also mean they might rebound far more than average. In order to have a chance at doubling your money in a year or so, you need to buy stocks when they are cheap but still have solid rebound potential. Most stocks have popped in the past few days, so wait for down days to pick up stocks like these:

Foster Wheeler (NASDAQ:FWLT) is trading at $22.60. Foster is a leading engineering and construction company that has global exposure to major projects. These shares have a 52 week high of $16.40 and the low is $39.75. The 50-day moving average is $21.13 and the 200-day moving average is $30.08. Earnings estimates for FWLT are about $1.63 per share in 2011 and $2.12 for 2012. Book value is about $8.13 per share. This stock recently dropped below $17 per share and has rebounded, so I would wait for more dips. UBS has a buy rating and a $37 price target for FWLT shares, see that here.

KBR, Inc. (NYSE:KBR) is trading at $29.26. KBR is a leading engineering and construction company with focus on oil and energy projects. These shares have a 52 week high of $39.34 and the low is $20.86. The 50-day moving average is $27.22 and the 200-day moving average is $33.12. Earnings estimates for KBR are about $2.70 per share in 2011, and $2.78 for 2012. KeyBanc Capital Markets has set a buy rating with a $43 price target for KBR shares, see that here.

Cliffs Natural Resources (NYSE:CLF) is trading at $65. Cliffs is an iron ore, coal and natural resources company. These shares have traded in a range between $47.31 to $102.84 in the last 52 weeks. The 50-day moving average is $67.17 and the 200-day moving average is $84.14. CLF is estimated to earn $13.38 per share in 2011 and $14.90 in 2012. In terms of PE ratios, this appears to be one of the cheapest stocks in the market. FBR Capital has set a $122 price target and a outperform rating for CLF shares. See that here.

Manitowoc (NYSE:MTW) is trading at $10.18. Manitowoc is a maker of cranes and food service products. These shares have traded in a range between $5.76 to $23.23 in the last 52 weeks. The 50-day moving average is $8.71 and the 200-day moving average is $15.37. MTW is estimated to earn 35 cents per share in 2011 and $1.02 in 2012. This stock has been under pressure over global recession concerns, but looks like a good buy on dips to around $8. Just recently, RBC Capital Markets gave MTW shares a outperform rating and set a $17 price target. See that here.

Terex Corp (NYSE:TEX) is trading around $14.70. Terex manufactures a variety of industrial products such as work platforms, articulating booms, scissor lifts, and auger drills. These shares have traded in a range between $9.30 to $38.50 in the last 52 weeks. TEX is estimated to earn about 44 cents per share in 2011, and $1.63 for 2012. The book value is stated at $20.12. Since demand for industrial products could be dropping in the coming months, it makes sense to buy on dips. William Blair set a price target of $29 per share for TEX. See that here.

Halliburton (NYSE:HAL) is trading at $36.26. HAL is one of the leading oil equipment and service companies. The shares have traded in a range between $27.21 to $57.77 in the past 52 weeks. The 50-day moving average is $39.37 and the 200-day moving average is $45.12. Earnings estimates for HAL are at $3.37 per share in 2011, and $4.49 for 2012. The book value is about $12.68. HAL pays a dividend of 36 cents per share which gives a yield of 1%. In July, 2011, UBS set a price target of $68 per share for HAL, see that here.

Weatherford International (NYSE:WFT) is trading around $14. Weatherford is a leading provider of equipment and services to the oil and gas industry, based in Switzerland. These shares have traded in a range between $10.85 to $26.25 in the last 52 weeks. The 50-day moving average is $15.46 and the 200-day moving average is $19.62. WFT is estimated to earn about 88 cents per share in 2011 and $1.67 for 2012. Analysts at UBS set a $28 price target for WFT share, see that here.

The data is sourced from Yahoo Finance and Stockcharts.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. This information is solely educational in nature and not intended to serve as the basis for any investment decision.

Source: 7 Beaten-Down Stocks Analysts Expect To Double