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The market correction is creating a solid buying opportunity for long-term investors. It's a good time to start picking up cheap shares and setting up your portfolio for some big gains for 2012. In particular, it could make sense to consider low-priced stocks that are trading below $10 per share. One reason is because these types of stock often make large percentage gains. Stocks that trade for just a few dollars per share are generally more volatile and can sometimes double much more rapidly than stocks that trade for $50 or $100 per share. 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. Most analysts set price targets based on where they believe the stock should be trading at in the next 12 months or so. Here are the low-priced stocks that have price targets that are around double the current price:

Delta Airlines (DAL) shares are trading at $8.41. Delta is a major global airline. The 50-day moving average is $8.04 and the 200-day moving average is $8.92. The shares have traded in a range between $6.41 to $13.75 in the past 52 weeks. DAL is estimated to earn about $1.22 per share in 2011 and $2.29 in 2012. This puts the PE ratio at about 6. Book value is listed at $1.44 per share. These shares are trading at a substantial discount to the market in terms of PE ratio. The recent drop to current levels looks like a good time to start accumulating. Barclays Capital has set a $16 price target for DAL shares, and Maxim Group has a $13 target.

Bank of America (BAC) shares are trading around $5.64. The 50-day moving average is $6.14 and the 200-day moving average is $9.71. Earnings estimates indicate a profit of 2 cents per share for 2011 and a profit of 98 cents for 2012. This gives BAC shares a PE ratio of only about 5.5 times forward earnings. The dividend is 4 cents per share per year, which is a yield of about .8%. This stock has not performed well at all in 2011, but that hasn't stopped smart investors like Warren Buffett from investing in this company. Because this stock remains weak, I would only average in over time. RBC Capital Markets has a $10 price target and Barclays Capital has a $14 target.

Perfect World Co., Ltd. (PWRD) is trading at $10.96. PWRD is one of the leading online gaming companies in China. These shares have fallen from a 52-week high of $29.10 and just recently hit a 52-week low. The 50-day moving average is $12.18 and the 200-day moving average is $18.89. PWRD earnings estimates are about $2.86 per share in 2011, and $3.02 for 2012. This puts the PE ratio at about 4, which is very low for one of the leading online gaming companies. The balance sheet is extremely strong with about $6.77 per share in cash and no debt. The substantial amount of cash it has on the balance sheet will allow it to invest in future high-growth opportunities. HSBC has set a $27 price target for PWRD shares.

Yingli Green Energy Holding Co., Ltd. (YGE) is trading at $4.47. The 52-week range is $2.75 and $13.59. The 50-day moving average is $3.70 and the 200-day moving average is $7.66, so the shares are trading between support levels. Estimates for YGE are about 44 cents per share in 2011, and a loss of 27 cents for 2012. Yingli shares have been a little stronger when compared with some other solar stocks, but the solar industry remains in turmoil due to excess capacity. This is a stock I would consider buying when a clear bottom is in for this sector. Price targets widely vary for YGE with Auriga setting a $2 target. However, Avian has set a $7.50 price target for YGE shares.

Dry Ships (DRYS) shares are trading at $2.42. Dry Ships operates dry bulk ships and drilling rigs. The 50-day moving average is $2.54 and the 200-day moving average is $3.64. The shares have traded in a range between $1.75 to $6.44 in the past 52 weeks. The earnings estimates for DRYS are 44 cents for 2011, and 59 cents for 2012. DRYS now trades for about 4 times forward earnings. Shipping rates have remained weak and that might continue for quite awhile. Because of this, it makes sense to average in over time. Barclays Capital has set a $4.50 price target and Deutsche Bank had previously set a $7 target.

AEterna Zentaris (AEZS) is trading around $1.64. AEterna is a biotechnology company, based in Canada. This company is working on various treatments for cancer. These shares have traded in a range between $1.35 to $2.68 in the last 52 weeks. The 50-day moving average is $1.59 and the 200-day moving average is $1.92. This company has a very solid balance sheet with plenty of cash to fund pipeline development. This stock looks like a good candidate for a rebound in January, since tax-loss selling will be over. Analysts at Oppenheimer have an outperform rating and a $5.50 price target on AEZS shares.

Southwest Airlines (LUV) shares are trading at $8.28. Southwest is a major low-cost airline. The 50-day moving average is $8.27 and the 200-day moving average is $10.18. The shares have traded in a range between $7.15 to $13.59 in the past 52 weeks. LUV is estimated to earn about 41 cents per share in 2011, and 78 cents in 2012. Book value is listed at $8.33 per share. These shares are trading at a discount to the market in terms of PE ratio. The recent drop to these levels looks like a good time to start accumulating. Dahlman Rose has set a $15 price target and Barclays Capital has a $12 target for LUV shares.

Data sourced from Yahoo Finance. The information and data is believed to be accurate, but no guarantees or representations are made.

Disclaimer: Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes only.

Source: 7 Stocks Below $10 That Analysts Expect To Double