Once-highflying Intel is now an underloved value stock with 25% potential upside, and downside protection via a good dividend yield. The risks: lawsuits and politics.

After declining for years, Sara Lee's shares could rise by 40% or more. The company is making a nice push into healthier fare, and the industry may soon see more takeovers.

The stock, way off its highs, began to rebound last year and could climb another 25%, thanks to an active pipeline. Possible winners: a strong antibiotic and a treatment for constipation.

ICICI shares have been smoking in an Indian stock market that has been on fire. If they move down by 25% to 30%, they will be excellent buys for long-term investors.

On a sum-of-the-parts basis, Goldman looks intriguing because of the value of its nontrading operations, including Goldman Sachs Asset Management, which runs $871 billion and could be worth $15 billion. If Goldman's investment-banking advisory were spun off and got the high valuation of banking boutique Greenhill (GHL), it could be worth $15 billion, too. That suggests investors are paying about book value for the rest of the firm, whose market value is $90 billion. "We don't believe there is significant downside potential" in Goldman shares, Barclays Capital analyst Roger Freeman wrote Friday. One positive for Goldman, he noted, was that rising book value should underpin the stock given the high level of profit retention expected in 2010. "The good news for investors is that reduced compensation flows directly to higher earnings, ROE (return on equity) and book value growth." If Goldman shares rise in line with book growth in 2010, the stock could hit $190. Freeman has a neutral rating on the stock and a price target of $195.

The selloff in shares of Goldman and its peers last week could represent a buying opportunity. The major firms remain highly profitable and they've already curbed their proprietary trading. Morgan Stanley and JPMorgan are largely out of proprietary trading, while Goldman is believed to have scaled back its Special Situations Group, which invests firm capital around the globe. JPMorgan, at 39, trades at its book value and for 1.4 times tangible book, a conservative figure that excludes goodwill from acquisitions and other intangible assets.

Morgan Stanley, at 28, trades around book value and 1.3 times tangible book.

At about 28, Warner shares fetch just 9 times what it is projected to earn in 2010. That's hardly exorbitant compared to the 11.2 times for its peers, but that price-to-earnings multiple may not mean much if profits start to wane. Warner's enterprise value is 8.7 times its Ebitda -- lower than the 13.4 multiple brandished by generic giant Teva Pharmaceutical (TEVA), but higher than, say, Pfizer's (PFE) 4.9 multiple. One bearish money manager concedes that the shares could gain another 20% or so if the company pulls off a smooth transition to the post-2014 era, but he pegs the downside risk at more than 50% should management falter.